KYIV, Mar. 30 (Ukrainian News) – The Berlin and Munich stock exchanges have stopped the circulation of Ukrrichflot global depositary receipts (GIS), Constantine Fysun, the president of the Euroinvest Vision company said Thursday.
Euroinvest Vision represents the interests of Ukrrichflot’s shareholders.
“Quotes were suspended until the disputed issues are regulated with shareholders,” Fysun said.
According to Fysun, the circulation of Ukrrichflot GISs was suspended on the initiative of the market-maker that introduced the shares on the European exchanges – Baader Wertpapierhandelsbank AG.
At the same time, Ukrrichflot shares are still trading on the Venice stock exchange, but a statement regarding the leftover shares and the conflict between shareholders has been sent to the exchange.
A conflict between Ukrrichflot management and the company’s Western shareholders arose in mid-February.
Western investors have demanded the annulment of the company’s leftover shares and protest the creation of the Ukrrichflot Working Collective closed joint stock company, to which 20 percent of Ukrrichflot’s shares have been transferred.
Due to the conflict, Ukrrichflot shares were de-listed from the Ukrainian PFTS securities trading board.
Ukrrichflot has filed a complaint on the PFTS’s actions with the State Securities and Exchange Commission.
Ukrrichflot is one of the largest river-sea cargo and passenger transportation companies in Ukraine. It owns over 200 river-sea class cargo ships.
Ukrrichflot finished last year with gross profits of Hr 17.4 million.
