Cairo – Mubasher: Global Telecom Holding (GTH) said it expects the cancellation of its global depository receipts (GDRs) on the London bourse to be carried out on 20 March 2017.
Accordingly, the last day of trading on the GDRs will be 17 March, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.
GDR holders are entitled to withdrawing their stocks held as a cover for the GDRs after the GDR cancellation date and until 17 April 2017, provided that relevant fees are paid, GTH said.
The company further added that it plans to request a cancellation of the GDRs from the official registry of the London Stock Exchange (LSE) and the Egyptian Financial Supervisory Authority (EFSA), the statement showed.
Starting 20 March 2017, GDR holders will not be able to trade the certificates on the LSE, the company reiterated.
GTH highlighted that its board believed that the cancellation of the GDRs benefitted the company as the limited number of GDRs listed on the LSE does not provide investors with enough opportunities to trade.
Average daily trading on the GDRs in the 12 months that ended on 31 December 2016 was seen at $963 per day, GTH said.
