Alibaba Pictures plans to delist from SGX on Dec 4
DUAL-LISTED Alibaba Pictures Group on Wednesday said it plans to delist from the Singapore Exchange's mainboard on Dec 4, 2020.
The last day of trading for the Chinese film company's shares on SGX will be Nov 11, with the suspension of trading to take place on Nov 12 at 9am, according to an indicative timetable posted by the company in a regulatory update.
Alibaba Pictures Group said it will bear the relevant transfer fees for shareholders holding the shares through the Central Depository who want to transfer their shares ahead of the delisting, to either Hong Kong's Central Clearing and Settlement System or the sub-account of a suitable securities broker.
The share transfer period started on Wednesday.
After the planned delisting, shares of Alibaba Pictures Group would be publicly traded only on the Stock Exchange of Hong Kong. The company's board previously said the Hong Kong bourse is "more geographically aligned with the business operations" of the group in mainland China.
Alibaba Pictures Group also cited a "significantly lower trading volume" of its shares in Singapore than in its primary listing in Hong Kong.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
SGX gave the go-ahead for Alibaba Pictures Group to delist on June 18.
Shares of the company last traded flat at S$0.80 on Monday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
KKR to buy India's Healthium Medtech at US$839 million valuation
Adani in talks with banks to borrow US$600 million for gas unit
It is time to put idle cash back into the market
China’s CICC demotes senior bankers, cuts pay to slash costs
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Chinese tariffs could leave cognac makers with too much brandy