Telkom to delist from NYSE

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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.
 
Nope, could this be the beginning of renewed government centralization of Telkom? Nah, I am just paranoid... :D
 
Can somebody explain..
TKG $ 41.61 NYSE. In rand terms one share is about R353.68[@R8.50to $]. Why delist from NYSE and not rather JSE where price of one share is R34.00 about.
 
Moto Guzzi said:
Can somebody explain..
TKG $ 41.61 NYSE. In rand terms one share is about R353.68[@R8.50to $]. Why delist from NYSE and not rather JSE where price of one share is R34.00 about.
Click to expand...

The NYSE price is not for 1 share. Quote from 2003 prospectus:

https://secure1.telkom.co.za/apps_static/ir/pdf/financial/pdf/prospectus.pdf

Offering Price:
R28.00 per ordinary share. This is equivalent to $13.98 per ADS at a ratio of 4 ordinary shares per ADS (American Depositary Share) and an exchange rate of R8.01 per $1.00. Ordinary shares sold in the South African retail offering will be at the discounts set out above. The initial public offering price will be inclusive of uncertificated securities tax.
 
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