Orey Antunes quits Lisbon stock market

 In Companies, News

The Portuguese transport and logistics and financial services company Orey Antunes, active in Iberia and sub-Saharan Africa will cease to be listed on the Lisbon stock market from August.

It will cease share trading from 10 August because of a series of infringements regarding its Special Revitalistion Plan whose approval was agreed last year.
The announcement that Sociedade Comercial Orey Antunues (SCOA) would leave the stock market was made on Wednesday in a note sent to the Portuguese stock market commission CMVM.
The company justifies: “This fact arises from a decision by Euronext dated 9 June, 2022, because SCOA has infringed some of Euronext’s regulations, as has already been informed by that entity”, states the note.
“These infringements have to do with the period of transition that the company is undergoing after its Special Revitalisation Plan was approved (by a court) and we believe that these irregularities will be corrected shortly”.
Orey believes that the decision will “reduce the high costs associated with being listed on the stock market without providing an evident return either for the company or its stakeholders.”
SCOA proposed, as part of its recovery plan, to set up a repayment plan to pay off its debts by 2032, when it would have effected the last payment of €6.488 million, which would mean a 90% debt write-off on its known debts which are said to be around €58 million.
Portugal’s state-owned bank Caixa Geral de Depósitos had asked the court not to agree to the Special Revitalisation Plan but failed. Instead, CGD wanted the official receivers to be called in and the company foreclosed.
On its website, the company merely states: “Orey is re-centering its strategic focus on the historical activities of Transport and Logistics. We are a century old company with a future oriented vision, an active and dynamic market positioning, always looking for innovative solutions and different ways to create value for all stakeholders”.