The price of Dioki stock sharply plummeted this afternoon on the Zagreb Stock Exchange by more than 42 percent, following the decision of the majority of creditors not to accept the financial restructuring plan of the petrochemical company.
The Zagreb Stock Exchange suspended trading of Dioki stock today after 1:00 PM until the public is informed about the outcome of the hearing in the pre-bankruptcy settlement process. By 1:00 PM, the stock was already among the biggest losers, with a price drop of 5.4 percent to 24.52 kuna.
Meanwhile, Dioki’s creditors did not accept the financial restructuring plan at today’s hearing, meaning that the pre-bankruptcy settlement process will be suspended, which indicates that Dioki is heading for bankruptcy.
At the hearing, creditors with claims against Dioki amounting to 905.4 million kuna were represented. Representatives of creditors holding 52.88 percent of Dioki’s debt voted against the proposed financial restructuring plan, while those in favor accounted for 41.12 percent.
Trading of the stock on the ZSE resumed at 3:00 PM, with pre-opening mode until 3:30 PM, after which it continued continuously.
The price immediately at the start of continuous trading, at 3:41 PM, plummeted by 42.13 percent to 15 kuna.
As expected, there is significant selling pressure, with one sell order for over 20 thousand shares. Buy orders, also as expected, are significantly weaker.
