Timah delists London Stocks Exchange

State-owned tin miner PT Timah Tbk, has delisted its shares traded at the London Stock Exchange, citing rising issuance costs on a waning market demand for the securities. The Jakarta Post reported Friday.

The company had requested the United Kingdom Listing Authority and Financial Services Authority for a listing cancellation as of Sept. 12 of all its global depository receipts (GDRs) currently being traded at the country?s main bourse, Timah said in a statement to the Surabaya Stock Exchange.

The statement further explained that the decision to delist the shares was taken considering their diminishing trading volume and liquidity, which has made the costs for listing and reporting according to the new International Financial Reporting Standards no longer feasible.

One Timah GDR represents 10 of the company?s B-series shares, of which some 1.5 billion are currently in issue. Timah did not mention how many GDRs were traded in London.

The government owns a 65 percent stake in the company. (*)