May 9 (SeeNews) - The Zagreb Stock Exchange (ZSE) said it has excluded three companies owned by troubled food and retail concern Agrokor from its blue-chip CROBEX index.
The companies to be removed from the 25-share benchmark CROBEX index are frozen food producer Ledo [ZSE:LEDO-R-A], food company Belje [ZSE:BLJE-R-A] and agricultural conglomerate Vupik [ZSE:VPIK-R-A], the bourse said in a statement on Monday.
Additionally, shares of Ledo will also be excluded from the CROBEX10 index, which tracks the leading companies in terms of free float, market capitalisation and liquidity.
The extraordinary revision of the two indices will take effect after trading closes on May 19.
Last week, Croatia's financial services supervisory agency, HANFA, suspended from trading eight companies owned by Agrokor, including Ledo, Belje and Vupik, due to possible errors in the financial statements of the ailing concern.
The CROBEX index edged up 0.03% to 1,905.02 points on Monday, while the CROBEX10 added 0.28% to 1,127.82 points.
The decision to drop the companies from the two indices was taken by the ZSE Index Committee on May 3.
Also on Monday, S&P Global Ratings said it has lowered its corporate credit rating on Agrokor to SD/--/SD from CC/Negative/C after the concern missed a coupon payment on its 300 million euro senior secured notes due 2019 on May 1.