TONGAAT: 1,321 0 (0.00%)
South African sugar producer Tongaat to delist from LSE
JOHANNESBURG, Aug 2 (Reuters) - South African sugar producer
Tongaat Hulett will delist its shares from the London
Stock Exchange to cut costs and streamline its shareholding
structure amid low trading volumes in the London-listed stock,
the company said on Friday.
Tongaat, which said in April it would restate financial
information after a formal review revealed certain accounting
practices that needed to be re-examined, voluntarily suspended
trading in its shares in Johannesburg and London in June.
"It has determined that the volume of trade over the past
few years, together with the cost of maintaining the secondary
listing, does not sufficiently warrant a presence on the LSE,"
the company said in a statement.
Tongaat said it would maintain its primary listing on the
Johannesburg Stock Exchange. Shareholders as of Sept. 4 on the
UK share register, a fraction of the total, will be transferred
onto the South African share register, it added.
(Reporting by Tanisha Heiberg
Editing by David Holmes)
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