CMVM has decided to suspend trading in Cofina shares. The supervisory authority’s decision came shortly after Eco and Jornal Económico announced that Cristiano Ronaldo would become the main shareholder of the media group.
“The Board of Directors of the Portuguese Commission for the Securities Market (CMVM) has determined, in accordance with article 214 and subparagraph b) of paragraph 2 of article 213 of the Securities Code, the suspension of trading of Cofina, SGPS, SA, pending the disclosure of relevant information to the market”, can be read in the note, published on the website of the supervisory authority led by Luis Laginha de Souza.
This is a common procedure when the financial regulator considers news released about a listed company that is not officially announced by the same company as important for the market.
According to Eco, who cites a source close to the talks, Cristiano Ronaldo will be the controlling shareholder in the Cofina group, which owns CMTV, Correio da Manhã and Jornal de Negócios among others, as part of a management buyout process. Out (MBO), run by Luis Santana, current manager of Cofina, and former director of Correio da Manhã, Octavio Ribeiro.
Prior to the suspension of trading in shares of Cofina, shares rose by 16.13% to 0.360 euros.
Author: business magazine
Source: CM Jornal
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