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Dec 22, 2017 14:42 EEST
December 22 (SeeNews) - The shares of three units of Croatia's troubled food-to-retail concern Agrokor plummeted on Friday morning by between 60 and 90 percent on the Zagreb bourse, just hours after trading in their stock resumed after a 24-hour pause .
As at 12.13 CET on Friday, the shares of soft drinks and water bottling company Jamnica [ZSE:JMNC] were down 80.91% to 2,100.0 kuna ($329.8/278.2 euro), food producer Ledo [ZSE:LEDO-R-A] lost 76.87% to 155.00 kuna, while food company Belje [ZSE:BLJE] suffered a 65.99% loss to 1.50 kuna, bourse data showed.
Trading in eight Agrokor companies resumed this morning, after it was halted on Thursday over opacity surrounding a debt settlement plan.
Ledo, Jamnica and Belje said in separate bourse filings that the only information they have that could have affected their share prices concerns Agrokor's debt settlement plan.
"The Issuer confirms that it does not dispose of any price sensitive information which was not already disclosed," the companies said.
The Zagreb Stock Exchange (ZSE) decided on Thursday to suspend trading in the shares of eight companies of Agrokor based on reports which suggested that a new Agrokor, with new mirrored units, will be formed as part of a draft debt settlement plan for the ailing concern unveiled on Wednesday.
These circumstances could greatly affect the companies' share prices, ZSE said on Thursday. It added trading will resume once Agrokor makes the debt settlement plan public.
On Friday morning, the ZSE said the concern's units have had enough time to acquaint themselves with Agrokor's draft debt settlement plan, details of which are published on the website of the concern.
Agrokor said late on Wednesday that the council of creditors has endorsed a draft debt settlement plan which foresees a debt-for-equity swap and a partial debt write-off. Under the plan, presented to the council of creditors by Agrokor trustee Ante Ramljak, creditors will take full control of a new holding company and its units, to which the assets of the sound segments of the Agrokor group will be transferred to.
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