The transition to the Prime Market and the first trading day with HT’s shares on the Prime Market will take place on 14 October 2020 (tomorrow).
Following up on HT applying to enter the Prime Market of the ZSE, yeterday HT announced that the Zagreb Stock Exchange passed the Decision approving the transition of 80,766,229 ordinary shares of the company from the Official to Prime Market of the Zagreb Stock Exchange.
The transition to the Prime Market and the first trading day with HT’s shares on the Prime Market will take place on 14 October 2020 (tomorrow), when HT will be joining the company of AD Plastik, Arena Hospitality Group, Atlantic Grupa, Podravka and Valamar Riviera. This will also lead to the company’s share to joining the CROBEXprime & ADRIAprime indices on 19 October.
In the table below you can see the weights of CROBEXprime following the addition of HT.
| Free float factor | Number of shares | Weight factor | Weight* | |
| ADPL | 70% | 4.199.584 | 1,00 | 4% |
| ARNT | 50% | 5.128.721 | 1,00 | 7% |
| ATGR | 45% | 3.334.300 | 1,00 | 18% |
| HT | 45% | 80.766.229 | 0,49 | 30% |
| PODR | 85% | 7.120.003 | 1,00 | 26% |
| RIVP | 55% | 126.027.542 | 1,00 | 16% |
*Based on share price as of 12 Oct 2020
Prime Market is the most demanding market segment of the ZSE with regard to the requirements set before the issuer, especially in relation to transparency.
Some of the requirements before the issuer are the following:
- The issuer must have an investor relations function in place
- Free float min. 35%
- At least 1,000 shareholders
- Market cap. of minimum HRK 500m
- The issuer of shares shall enter into a market making contact with at least one market maker
- The supervisory board of the issuer must have at least one independent member
- At least one member of the audit committee shall be independent of the issuer
- Developed and disclosed dividend policy to the public
We fully support the addition of HT in the prime market as it marks a step forward on making CROBEXprime a potentially better peer for Croatia than current CROBEX. The reason behind is that CROBEX consists of a large number of shares which many fund managers would not even include in their investment universe (due to extremely low liquidity, poor corporate governance), while CROBEXprime consists of less constituents, however the ones which are the most transparent and liquid.
As a reminder, the ZSE launched CROBEXprime on 18 February of 2019. The index itself is a free float market capitalization weighted total return index (takes dividends into account), while the weight of each constituent share is capped to 30%.
Performance of CROBEXprime Since Initiation
