Singtel has announced that it has been given approval by the ASX to delist from the exchange.
The approval means that the Singapore-based telco, which owns Optus, will be removed from the ASX on 5 June. ASX trading of Singtel shares (in the form of CHESS Depositary Interests) will be suspended on 29 May.
Singtel announced yesterday that it planned to delist from the ASX. The telco will remain listed on its home exchange, the SGX.
The company cited the low volume of trading of Singtel CDIs on the ASX as the reason behind the decision.
"After careful consideration, we have come to the view that there is little practical value or benefit from maintaining Singtel's listing on the ASX," Singtel Group chief corporate officer Jeann Low said yesterday.
Low told a media briefing about the decision held yesterday that the decision “does not impact Singtel's commitment to its Australian business”.
“Optus remains a very important and critical asset for the Singtel Group, and we will continue to grow the business in Australia,” Low said.
"Since 2001 we have invested over $13 billion into the communications network infrastructure in Australia. Through Optus, we employ more than 9000 people and have generated economic activity for many more Australians and enterprises.”