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Spark deregisters its stock in the US

Spark New Zealand [NZX: SPK], previously known as Telecom Corp and once the largest company on the nation's stock exchange before its network arm was split off into Chorus, is deregistering trading of its stock in the US.

The telecommunications company will continue to provide its sponsored American Depository Receipt programme in conjunction with Bank of New York Mellon and the ADRs will trade on the US over-the-counter market, Auckland-based Spark said in a statement.

Shares of Spark slipped 0.7 percent to $3 and have gained 31 percent so far this year.

The de-registration of the NYSE-listed ADRs was first flagged at the time of Chorus' spin off in November 2011.

(BusinessDesk)