January 11 (SeeNews) - Croatian fertiliser producer Petrokemija [ZSE:PTKM] said on Tuesday its shareholders will vote on a proposal to delist its shares from the Zagreb bourse on February 21.
The company does not have any major benefits from trading on the regulated market, while at the same time it has high costs and is obliged to meet certain requirements as a listed company, Petrokemija said in an invitation for the meeting filed with the Zagreb bourse.
Due to the Covid-19 pandemic and other current market conditions, both domestic and global, the company's business is at risk and a delisting is one of the ways to reduce costs and optimise operations, it added.
The general meeting would also authorise the management to acquire own shares from the company's shareholders who vote against the delisting proposal.
Earlier on Tuesday Petrokemija said its management and supervisory board approved proposals to delist its shares from the Zagreb bourse and allow the management to buy own shares.
Petrokemija's shares traded at 31.20 kuna ($4.7/4.1 euro) on the ZSE on Tuesday after noon, up 4.00%.
(1 euro=7.523 Croatian kuna)