OTTAWA (dpa-AFX) - CNOOC Ltd. (CEO), a Chinese producer of offshore crude oil and natural gas, said on Friday that it has applied for a voluntary delisting of its American Depositary Receipts or ADRs from the Toronto Stock Exchange or TSX.
Commenting on the delisting, the company cited, 'The delisting of the ADRs from the NYSE and the effects thereof on the TSX listing, the minimal trading volumes on the TSX, the burdens associated with the listing on the TSX and the availability of an alternative market for the underlying ordinary shares in the Hong Kong Stock Exchange.'
The ADRs will be delisted from the TSX effective from the close of trading on December 31, and the delisting from the TSX is not expected to have any negative impact on the company's ongoing operations, the firm said in a statement.
CNOOC's ordinary shares will continue to be listed and trade on the HKSE under the stock code '00883.'
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