February 7 (SeeNews) - Shares of Croatia's civil engineering company Institut IGH [ZSE:IGH] plunged on Tuesday, following information the company's account has been blocked.
In the morning, the Zagreb Stock Exchange said in a statement that it suspended trading in Institut IGH's shares due to "unconfirmed information" regarding the blocking of the company's account.
Later on, the company said in a statement that it has submitted a request to Croatia's financial agency Fina for forced collection of unpaid salaries to its employees, because it had failed to pay the salaries for December 2022 by the end of January. It did not disclose the amount of its debt to employees.
After Institut IGH issued its statement, trading in its shares resumed but the ZSE said it put the stock under monitoring due to "issuer notification about account blockade".
The company is undergoing restructuring under a pre-bankruptcy agreement with creditors signed in 2013.
Institut IGH's shares closed 15.28% lower at 12.20 euro ($13) on Tuesday. Intraday, their price dropped to 11.10 euro.
($ = 0.937 euro)