The Zagreb Stock Exchange (ZSE) on Monday morning suspended until noon trading in shares of the Belje agribusiness, owned by the Agrokor food and retail concern, after it already suspended traded in Belje shares on Friday following the Croatian Financial Services Supervisory Agency's (HANFA) decision made after receiving a court ruling under which Agrokor is not obliged to publish its bid for the takeover the agribusiness.
The High Administrative Court on 11 July 2012 overturned HANFA's decision, dated 6 October 2011, under which that Agrokor had to publish its bid for the takeover of Belje.
HANFA said in a statement today that it would act in accordance with Article 62 of the Law on Administrative Disputes, which says that after a decision is overturned the case goes back to the stage before the annulment and another decision must be made within 30 days at the latest.
HANFA said it would be wrong to conclude that the supervisory process had been completed, given that under the said article, the case will be go back to the phase before the annulment.
The ZSE temporarily suspended trading in Belje shares this morning, given that the statement issued by HANFA contains information which could significantly affect the price of the Belje shares.
