Serbian Bourse Suspends Metals Banka from Trading Ahead of Downgrade to Unofficial Market

The Belgrade Stock Exchange (BELEX) has decided to delist Metals Banka from the prime market as it fails to meet its obligations for provision of information to the bourse, the stock exchange said in a statement on its website without elaborating.

A downgrading procedure has been launched in order to protect the interests of the traders, the bourse added.

Last week the country’s central bank, NBS, suspended Metals Banka's management and appointed temporary managers, Metals Banka said but did not elaborate. It only added that recent payment difficulties had been solved after NBS took provisional measures.

In late August Metals Banka became the fourth company to be listed on the top tier of the Belgrade stock exchange. To trade on the BELEX official market a company needs to publish financial reports quarterly and to have a capital of at least 10 million euro, and at least 25% of its equity capital should be owned by minority shareholders. The bank’s share price was 29,600 dinars ($434/348 euro) back then.

On Tuesday, Metals Banka's stock dropped 7.97% to close 7,776 dinars.

(1 euro = 85.0994 dinars)