SINGAPORE - Australian energy company AusNet Services will be delisting from the Singapore Exchange (SGX) after 13 years.
AusNet Services has had its primary listing on the Australian Securities Exchange (ASX), with a secondary listing on the SGX mainboard, since Dec 14, 2005.
In a filing with the SGX on Wednesday (May 2), AusNet said: "Having considered both the advantages and disadvantages of its shares being listed on the SGX, the board of AusNet Services is of the view that AusNet Services should no longer maintain a secondary listing on the SGX and that the delisting is in the best interests of AusNet Services as a whole."
AusNet Services will continue to maintain its primary listing on the ASX.
The company said that it has applied for approval of the voluntary delisting of its shares from the SGX and has been informed by the bourse that it has no objection to the proposed delisting, on the condition that AusNet Services bears the cost of transfer of AusNet Services shares deposited with The Central Depository to the Australian register.
AusNet Services is about 31.1 per cent owned by Singapore Power (SP) and 19.9 per cent by State Grid Corporation of China; the other 49 per cent is publicly owned.
As SP's shares are held on the ASX, SP's shareholding is unaffected by this announcement, said AusNet. "Delisting from the SGX should not be viewed in any way as SP withdrawing any level of support for AusNet Services."