Ljubljana Stock Exchange suspends trading in Sava shares

By bne IntelliNews February 18, 2016

The Ljubljana Stock Exchange (LJSE) temporarily suspended trading in shares of financial holding company Sava družba za upravljanje in financiranje, d. d. in order to protect the interests of investors on February 17.

The move came amid uncertainty over plans for the financial restructuring of the company. Slovenian Press Agency reported on February 17 that advocates for Sava's debt restructuring led by Luxembourg-based fund York had presented a financial restructuring plan on February 12, and that the plan was backed by the Bank Asset Management Company (BAMC), Slovenia's so-called bad bank. However, disagreements with the conglomerate's creditors, especially Gorenjska banka, on how Sava should be salvaged were reported.

The LJSE said that after assessing the circumstances of the case, it ascertained that conditions under which Sava’s financial restructuring will take place are not known. In addition it was not clear what the effects of the the restructuring would be on existing and potential future investors.

“The LJSE assessed that the key information which would enable an average investor to make an informed investment decisions regarding the above listed securities has not been provided. Thus, circumstances justify protection of investors’ interests,” the bourse said.

The temporary trading suspension will last until a relevant public announcement of issuers is made or until LJSE decides to resume trading on the basis of a reasoned request from issuers.

The Slovenian government said on January 28 that it has approved the transfer of €108mn claims against Sava from BAMC, which it acquired at a 61% discount for €40.7mn, to Slovenian Sovereign Holding (SSH).

Related Articles

Slovenia’s President Pahor likely to be re-elected in October

Slovenia’s President Borut Pahor will likely be re-elected in the October 22 presidential elections, according to an opinion poll by daily Delo.  As in all ex-Yugoslavian republics, the ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Czech-based CME divests Croatian Nova TV and Slovenian Pop TV for €230mn

Czech Republic-based broadcaster Central European Media Enterprises (CME) on July 10 announced the divestiture of its leading Croatian and Slovenian TV stations to United Group's Slovenia Broadband ... more