The Oslo Stock Exchange passed the following resolution: “The Oslo Stock Exchange considers that Sino Agro Food Inc., issuer of shares with ISIN US8293552050, is not suitable for listing on the Merkur Market, and has resolved to delist the shares from trading, cf. section 12.1 of the Continuing Obligations, cf. section 9-30 (1) of the Securities Trading Act. The last listing date for the Company’s shares will be 10 September 2019.”
The Oslo Stock Exchange’s resolution to delist a company from Merkur Market cannot be appealed.
A brief summary of the case:
The Oslo Stock Exchange considers that Sino Agro Food Inc. is not suitable for listing on Merkur Market due to repeated and gross violations of the Merkur Market rules. On 2 November 2018, the Company was imposed a violation fee for, among other things, a breach of the disclosure obligations. The company violated the disclosure obligations again in connection with the resolution to distribute dividend in the form of shares in Tri-way Industries in October 2018. The company’s subsequent cancellation of the dividend supports that Sino Agro Food is not suitable for listing on Merkur Market