September 10 (SeeNews) - Croatian ice cream and frozen food company Ledo [ZSE:LEDO] has been moved from the Official Market to the Regular Market of the Zagreb Stock Exchange (ZSE), as the company failed to fulfil the post-listing transparency requirements from 2017 to 2018, the ZSE said.
In 2017 and 2018, Ledo was late several times in publishing its financial results despite being issued warnings, the ZSE said in a statement late on Friday.
In addition, the stock exchange sent 33 requests for response to Ledo in connection with the media coverage and the occurrence and untimely manner of disclosure to the investment public of certain information which, in its nature, may be considered as prescribed or privileged information.
On August 20, ZSE sent Ledo a letter asking it what activities the company plans to undertake in the future with the aim of timely meeting the transparency requirements laid down by ZSE's rules. Ledo, however, did not respond in time.
The exchange noted it has decided not to entirely delist Ledo since it was assessed that the delisting might cause significant damage to the interests of the investors in the company.
Ledo is a member of Croatia's ailing Agrokor concern.
In February, the ZSE temporarily suspended from trading eight companies of Agrokor, including Ledo, over the resignation of the crisis manager of the concern, Ante Ramljak. In early March, the bourse decided to keep the shares suspended from trading until regular trading can be resumed without causing damage to investors.
The last trading day of their shares was February 20.