DUAL-LISTED Alibaba Pictures Group has been given the go-ahead to delist from the Singapore Exchange (SGX) mainboard, the board said on Thursday night. Read more at The Business Times.
DUAL-LISTED Alibaba Pictures Group has been given the go-ahead to delist from the Singapore Exchange mainboard, the board said on Thursday night.
After the planned delisting, shares would be publicly traded only on the Stock Exchange of Hong Kong; the board said the Hong Kong bourse is “more geographically aligned with the business operations” of the media company in mainland China. Alibaba Pictures Group also cited a “significantly lower trading volume” of its shares in Singapore than in its primary listing in Hong Kong.
Trading only in Hong Kong will thus “not have a negative impact on the liquidity of the shares or the effectiveness of future fund-raising activities by the company, and will instead increase the shareholder value in the long term through improving the cost-effectiveness of the listing compliance of the company”, the board added.
The company added that it will give more updates to shareholders later on the timeline for the planned delisting, as well as the actions that investors here would have to take.
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