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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Freightways' Dean Bracewell on potential acquisitions and growth
- Simpson Grierson’s Earl Gray says Brooks will probably appeal a controversial trade mark case
- ‘Clearly there’s a lot of public opposition’ – Horizon Research releases StuffMe merger survey results
- Maori party president Tukoroirangi Morgan on the agreement reached by the Maori and Mana parties
- Craigs' Mark Lister on Spark's results, Ebos, Port of Tauranga and Tegel