The Zagreb Stock Exchange suspended trading of shares of companies within the Agrokor group on Wednesday while awaiting the resolution of the crisis in the conglomerate after, as reported by the media, extraordinary commissioner Ante Ramljak submitted his irrevocable resignation.
Trading was suspended for the shares of Zvijezda, Ledo, Jamnica, Žitnjak, PIK Vinkovci, and Vupik.
On Wednesday morning, N1 reported that sources within Agrokor confirmed that Ante Ramljak is leaving his position as the extraordinary government commissioner in the Agrokor group. Some media outlets also report that Ramljak has submitted his irrevocable resignation.
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“You will find out everything tomorrow,” said Deputy Prime Minister and Minister of Economy Martina Dalić to reporters in front of the Banski Dvori where, according to unofficial information, Ante Ramljak offered the government his resignation from the position of extraordinary commissioner for Agrokor.
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Problems for Ramljak began at the end of January when media reported that Ramljak engaged his former company, Texo Management, as advisors in Agrokor, which receives nearly 250,000 kuna weekly for consulting services.
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Following this, numerous media pressures ensued, culminating in a session of the parliamentary committee for economy where Ramljak and Deputy Prime Minister and Minister of Economy, Entrepreneurship, and Crafts Martina Dalić answered questions from representatives.
Taking Responsibility
Ramljak then emphasized that he is ready to bear the consequences and take responsibility if parliamentary representatives and the government assess that he compromised the extraordinary procedure.
Everything culminated with media reports two days ago that Ramljak was formally registered with Texo Management until April 30, even though he became the extraordinary commissioner for Agrokor on April 10.
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Analysts expect instability on the Zagreb Stock Exchange, as it is still unclear whether Agrokor’s extraordinary commissioner Ramljak has resigned or not and whether there will be upheavals in the government.
“It is still unclear whether extraordinary commissioner Ramljak has resigned or not. I expect instability in the share prices of companies within Agrokor, and if there are any upheavals in the government, instability in the entire market is also possible. Instabilities in political and economic life always harm the stock market,” concludes Rinkovec.
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At the very beginning of trading on Wednesday, Crobex indices slightly increased, by about 0.2 percent.
