LONDON (Alliance News) - Coca-Cola HBC AG Monday said it intends to delist its American depositary receipts from the New York Stock Exchange, ending the programme because most trading of its shares takes place on the London Stock Exchange.
In a statement, Coca-Cola HBC AG said that the UK has become the main trading market for its shares, accounting for more than 85% of total volume in the 12 months ended June 18. In contrast, only 1.4% of its shares were held as ADRs at the end of that period, with trading volume in the US accounting for just 1.3% of the total.
The ADR programme is not a "significant contributor to facilitating trading" in Coca-Cola HBC securities, the company said, adding that the benefits of reducing administrative complexity exceed those of continuing the programme.
"Our premium listing on the London Stock Exchange, where the vast majority of our shares are being traded, will continue to facilitate trading in our securities. We remain committed to engaging with the US investment community through continued open dialogue and regular investor roadshows," Chief Financial Officer Michalis Imellos said in a statement.
Coca-Cola HBC is the second-largest bottler of the brands of The Coca-Cola Co in terms of volume with sales of more than 2 billion unit cases. Its shares are also listed on the Athens Exchange.
Coca-Cola HBC AG shares were Monday quoted at 1,363.00 pence, up 0.8%, shortly after the open.