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SAS shares halted after media speculation

SAS shares halted after media speculation

Published: 30 Oct 2012 08:17 GMT+01:00
Updated: 30 Oct 2012 08:17 GMT+01:00

The suspension was announced after talks between the Stockholm stock exchange and the Financial Supervision Authority (Finansinspektionen).

“We never comment in detail about individual companies or suspensions of trading. But we will say that we have put a stop to trading in SAS shares until further notice, after consulting with the Financial Supervision Authority,” explained Carl Norell, spokesman for the Stockholm stock exchange, to the TT news agency.

“The background is the information that has swirled in the media about the company’s financial situation.”

“It is to ensure fair trading, that is to say that the whole market has access to the same information. Now we expect clarification from the company in the form of a press conference. And we predict this information will come out during the day,” he said.

SAS has suffered weakening finances since a 2009 investment of 11 billion kronor ($1.64 billion) from the owners, mostly consisting of the Swedish, Norwegian and Danish states.

Despite Sweden investing 2.4 billion kronor in 2009, its current share is valued at 425 million kronor.

Last week, rumours circulated about an SAS crisis and an impending savings programme, with staff forced to reapply for their jobs but with lower wages.

According to the Dagens Industri newspaper (DI), SAS owners held a crisis meeting last Thursday.

Trading was resumed around 11.30 on Tuesday morning when the airline announced expected profits, triggering a surge for its shares.

TT/The Local/og

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Your comments about this article

10:51 October 30, 2012 by byke
Volvo = China

Saab = hahaha

SAS = ?

Vattenfall .....

It's hard to believe many of the news statements that claim Sweden economy is doing well. It makes you question what is keeping Sweden afloat.
11:15 October 30, 2012 by Migga
Swedens natural resources are mainly iron ore and wood. Swedens mining and forestry have almost always been the backbone of it`s economy, it`s still so today. Vattenfall, LKAB and Sveaskog are all state own.
12:56 October 30, 2012 by Twiceshy
Maybe one reason is they have the WORST frequent flyer program in the WORLD!
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