ArabFinance Palm Hills Developments (PHD) has applied for the cancellation of the admission to trading of its global depositary receipts (GDRs) on the main market of the London Stock Exchange (LSE), according to a September 29th statement to the Egyptian Exchange.
In addition, PHD also applied for the cancellation of the admission to listing of its GDRs on the Financial Conduct Authority's Official List which will take effect on December 22nd.
The GDR programmes will be terminated and the GDRs cancelled. Such termination and cancellation will also take effect on December 22nd.
The company attributed the cancellation to the low volume of GDRs being traded on the main market of the LSE, noting the costs and administrative of GDRs listing are disproportionate to the benefits of such admissions.
It is worth mentioning that each GDR represents 20 ordinary shares of PHD. The Shares represented by the GDRs will continue to be listed and traded on the Egyptian Stock Exchange.
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