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Nov 06, 2017 16:59 EEST
November 6 (SeeNews) - The shares of five Croatian companies, members of indebted concern Agrokor, rose on Monday after they nosedived on Friday when trading in them resumed on the Zagreb Stock Exchange following a six-month pause, bourse data showed.
Shares of food company Belje [ZSE:BLJE-R-A] bounced back 145.34% by 14.49 CET on Monday, while shares of margarine producer Zvijezda [ZSE:ZVZD-R-A] gained 35.66%.
Ice cream and frozen food company Ledo [ZSE:LEDO-R-A] advanced by 30.83%, while agricultural conglomerate Vupik [ZSE:VPIK-R-A] saw a 25% rise in share price, and Jamnica [ZSE:JMNC-R-A] followed with an increase of 16.69%.
On Friday, shares of Jamnica, Ledo and Zvijezda plummeted by over 80%, while the stocks of Belje and Vupik lost over 50% each.
Davor Spoljara, an analyst at the Croatian unit of Erste Bank told SeeNews on Monday that Friday's slump was brought on by the guarantees these companies had issued for loans extended to indebted Agrokor.
"The guarantees that these companies issued for loans to Agrokor, given the uncertainty over the entire process, represent a major burden for minority shareholders, therefore the big minuses in trading weren't a surprise", Davor Spoljara said in response to a SeeNews inquiry.
Spoljara noted that the handling of these guarantees in the course of the restructuring process in Agrokor will, among other factors, determine the final position of minority shareholders.
Trading in the shares of Agrokor companies was halted on April 27, after the companies failed to publish on time their audited 2016 financial statements and first quarter 2017 reports due to the financial crisis in the food-to-retail concern.
Details on the Agrokor companies share prices follow:
(1 euro=7.53691 kuna)
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