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Singtel to delist from Australia, citing low liquidity, costs
STRAITS Times Index (STI) component company Singtel said it has requested approval from ASX Limited in Australia to delist its CHESS Depositary Interests (CDI) securities there.
Singtel shares will continue to be listed on the Singapore Exchange (SGX) and trading on the SGX will continue during and after the ASX delisting process, the telco said on Tuesday morning.
Singtel was listed on ASX in September 2001 in connection with its acquisition of telco Optus.
Singtel CDIs on issue have declined significantly in recent years and daily trading volumes are very low.
"This reflects institutional investors' preference to hold and trade Singtel shares on its home exchange, SGX," Singtel said.
"After careful consideration, the Singtel board has determined that there are minimal shareholder benefits from maintaining Singtel's listing on the ASX. The delisting will also have the effect of reducing the costs arising from dual listing requirements."
Singtel closed at S$4.41 on Monday, down five cents.