Inapa shares fell 92.52% to 0.0022 euros on Tuesday, less than a cent. The securities returned to trading on Tuesday after a six-day suspension imposed by the Securities Market Commission (CMVM).
According to BusinessIn terms of market capitalization, the paper distributor lost around 14 million euros on Tuesday. Since the beginning of the year, the shares have recorded a cumulative loss of around 90%.
Inapa, whose largest shareholder is the state through Parpública, filed for bankruptcy on Monday at the Commercial Court of the Western District of Lisbon, CMVM reported.
The government refused to invest 12 million euros in Inapa for urgent needs of the treasury during the operation in Germany. “The proposal did not meet firm conditions and did not demonstrate economic and financial viability that would guarantee reimbursement by the state,” according to the opinions requested by the executive branch of Parpública, the General Directorate of the Treasury and Finance, the Monitoring of the Technical Sector and the Monitoring Department of Business Public.