Telkom to delist from NYSE
Telecommunications group Telkom announced on Monday it is to delist from the New York Stock Exchange given the current global economic climate and the business imperative for Telkom to reduce its cost base.
“Maintaining a listing in the United States is expensive and takes considerable management time,” the group said.
“The methodology employed and discipline gained from compliance with the Sarbanes-Oxley reporting requirements will be retained, where appropriate, to ensure strict corporate governance compliance and transparent financial reporting.
“Telkom is comfortable that the Johannesburg Stock Exchange provides sufficient access to capital from both South African and global investors,” Telkom stated.
However, it added: “Telkom intends to maintain a level 1 American Depositary Receipt programme to facilitate over-the-counter trading in the United States of America.”
Telkom NYSE delisting – give your views
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