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.

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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.