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Yangzijiang Shipbuilding plans to delist TDRs in Taiwan
Yangzijiang Shipbuilding on Monday said it plans to delist its Taiwan Depository Receipts (TDRs) on the Taiwan Stock Exchange (TSE).
It noted that as at April 24, 2015, there were only 37 million TDRs that were held by the public. This constituted 15.48 per cent of the initial listing of 240 million TDRs.
"Taking into consideration of the initial purposes of listing the TDRs to provide a different perspective to the valuation of the group and better liquidity for the company's shares are no longer justifiable, coupled with cost effective consideration and the smaller number of outstanding TDRs held in the hands of the public, the board is of the view that it is in the best interests of the company to delist its TDRs on the TSE."
It said the decision to delist its TDRs on the TSE is "in no way indicative of the prospects of the company".