23 October 2007 10:46 [Source: ICIS news]
MUMBAI (ICIS news)--Norsk Hydro will delist from the New York Stock Exchange (NYSE) finding no grounds to continue listing there as in the past 12 months only 3% of trading in the company's stock occurred in the US, it said on Tuesday.
"Internationalisation of capital markets and the introduction of international financial reporting standards … have also significantly reduced the need for and benefit of multiple stock exchange listings," the Norwegian aluminium group added.
Hydro would also terminate its registration and reporting obligations with the US Securities and Exchange Commission (SEC), it said.
While 15% of Hydro stock was held by US investors, only 5% of its total shares were held through the American Depositary Receipt (ADR) programme, it added.
"The delisting and deregistration will enable us to simplify financial reporting processes, while maintaining the same high-quality financial reporting and disclosures," said John Ottestad, company CFO.
"Corporate governance will not be affected, as important governance bodies such as the board audit committee will remain, in addition to an adequate level of internal controls," he added.
The company's main listing was in ?xml:namespace>
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections