Coca-Cola Hellenic announces removal from Australian Stock Exchange
Coca-Cola Hellenic Bottling Company SA (CHB) has announced its intention to seek its removal from the Australian Stock Exchange (ASX) and suspension in trading of its CHESS Depository Interests (CDIs) on the ASX effective from the close of the market on 26 August 2009.
The Greece-based bottling company, one of the world’s largest bottlers of products of The Coca-Cola Company with sales of more than 2 billion unit cases, and with operations in 28 countries, currently trades on the ASX by way of CHESS Depository Interests (CDIs). The company’s shares are currently also listed on the Athens Exchange (ATHEX: EEEK), with a secondary listing on the London Stock Exchange (LSE).
Since listing on the ASX in August 2000, some CDI holders converted their CDIs to shares, which, as a result, CHB shares now represent approximately 0.63 per cent of the company’s issued and outstanding capital stock.
Coca-Cola Hellenic said its decision to delist is due to the low level of CDIs now quoted on the ASX and the low level of trading on the ASX compared to the other exchanges. The company does not wish to raise further equity capital in Australia to avoid administrative costs and compliance costs associated with listings.