Coca-Cola HBC to delist from NYSE

30th Jun 2014 07:48

Switzerland-based bottling firm Coca-Cola HBC (CCH) is planning to pull its shares from the US stock market after experiencing low trading volumes of its American Depositary Receipt (ADR) shares.The company announced on Monday that it intends to delist from the New York Stock Exchange (NYSE) and deregister its shares with the US Securities and Exchange Commission on or around July 24th.Since joining the premium listing segment of the London Stock Exchange (LSE) in April 29th, the UK has become the principal trading market for CCH's shares. The LSE accounted for over 85% of total trading volume in the 12 months to June 18th 2014. However, just 1.4% of its shares were held in the form of ADRs at that date, with trading volume on the NYSE accounting for just 1.3% of total trading volume."On the grounds that our ADR programme is not a significant contributor to facilitating trading in our securities, we have concluded that the benefits of reduced administrative complexity exceed those of continuing the programme."The company, founded in Greece in the late 1960s, still has a secondary listing is on the Athens Stock Exchange."Our premium listing on the London Stock Exchange, where the vast majority of our shares are being traded, will continue to facilitate trading in our securities," said CCH's Chief Financial Officer Michaelis Imellos. "We remain committed to engaging with the US investment community through continued open dialogue and regular investor roadshows."BC