On 2 November 2018, the Oslo Stock Exchange resolved to impose a violation charge on Sino Agro Food Inc. of NOK 700,000 for breach of the duty to disclose inside information to the market and other disclosure obligations.The Oslo Stock Exchange passed the following resolution:
“A violation charge is hereby imposed on Sino Agro Food Inc. for material breaches of the Continuing Obligations of companies admitted to trading on Merkur Market in an amount of NOK 700,000, cf. section 12.3 of the Continuing Obligations. The decision may be appealed to the Merkur Market Appeals Committee, cf. section 14 of the Continuing obligations of companies admitted to trading on Merkur Market.”
A brief summary of the case:
Sino Agro Food Inc. has not timely disclosed inside information about the Company’s arrangements for issuance of Common Shares as security for various loans and trade finance facilities pursuant to section 3.1.1 of the Continuing Obligations of companies admitted to trading on Merkur Market. Companies admitted to trading on Merkur Market are subject to a duty of disclosure that requires them to publicly disclose without delay and on their own initiative inside information that concerns the company directly.
In addition, the Company has not timely disclosed increases of its authorized share capital and issuances of new Common Shares in accordance with the Continuing Obligations of companies admitted to trading on Merkur Market.
