SWITZERLAND: Coca-Cola HBC to leave New York trading floor
Coca-Cola HBC moved its headquarters to Switzerland
Coca-Cola HBC (CCHBC) is to delist from the New York Stock Exchange because of low trading volumes.
The bottler, which switched its primary listing from Athens to London last year, said today (30 June) that its New York shares account for just 1.3% of total trading volume compared to 85% in London. CCHBC's New York securities are in the form of American Depositary Receipts (ADR), which will be terminated “on or around” 24 July, it said.
“On the grounds that our ADR programme is not a significant contributor to facilitating trading in our securities, we have concluded that the benefits of reduced administrative complexity exceed those of continuing the programme,” the company said in a statement.
CFO Michalis Imellos added that CCHBC remains “committed to engaging with the US investment community”.
As well as moving its listing to London, CCHBC also moved its HQ to Switzerland. The company now calls itself Coca-Cola HBC instead of Coca-Cola Hellenic.
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