The financial crisis that initially broke the Zagreb Stock Exchange has turned it into its opposite. The drastically reduced value of shares, by up to 90 percent, has diminished and led to a collapse in the value and market capitalization of companies listed on the Zagreb Stock Exchange, writes the portal vecernji.hr.
The exchange and activities on it are currently based solely on one parameter – the lack of capital among investors, particularly small ones, as large investors have been forced to retreat into government securities. The cost has been borne by the shares of all companies without exception, large, small, good, bad… This development has alarmed the owners and management of companies who claim that their stock listing brings them only direct damage – a distorted and false picture of the company’s value, a drop in ratings, and a poor image with creditors.
A true eruption of dissatisfaction has occurred, and demands are being made for the exchange to delist its shares from the ZSE. Such a request has been made by Ivica Todorić, whose six companies are listed on the ZSE – Jamnica, Ledo, Konzum, Belje, Tisak, and Zvijezda. In Agrokor, they say that share prices have nothing to do with the value of the companies, which began 2009 with revenue growth.
In a completely opposite direction, share prices have moved, so Agrokor wants to withdraw from listing at least those companies that have a small “free float,” of a few percent of shares in trading. A similar move is being considered by Ericsson Nikola Tesla, shipping companies, construction firms… Previously, this has already been requested by Belišće and several other companies. The escape from the stock exchange, where everyone loved to be seen just a year ago, is now a massive trend. (www.vecernji.hr)
