PLDT seeks delisting of ADRs in NYSE Area

Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) wants its American depositary receipts (ADRs) delisted from the New York Stock Exchange (NYSE) Arca Equities but would continue to trade in the NYSE, its principal listing exchange.

The NYSE Group operates two securities exchanges: the NYSE and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx, and the Pacific Exchange). The NYSE is the largest equities market in the world.

Last Dec. 19, PLDT ADRs common closed at $47.58 per share, down by $1.15 in overnight trade. Its local shares on Tuesday ended down P45 or 1.85 percent at P2,390 per share.

In a letter to NYSE Arca, PLDT president and chief executive officer Napoleon Nazareno notified the former of the company’s intent to voluntarily delist its ADRs, each representing one PLDT common stock.

"The company has determined that it is in the best interest of PLDT and its stockholders that PLDT withdraw the listing of its American Depositary Shares from NYSE Arca in order to eliminate duplicative administrative burdens and costs inherent with dual listing. PLDT ADS continue to be listed on the New York Stock Exchange, its principal listing exchange," Nazareno said.

PLDT will formally file for a delisting with the US Securities and Exchange Commission before Jan. 18. By then, PLDT would have joined several other companies listed in the NYSE that have delisted from the NYSE Arca.