In a statement issued on Tuesday, the Finnish forestry sector giant UPM-Kymmene Corporation has announced it will terminate listing of its American Depositary Receipts (ADR) from the New York Stock Exchange (NYSE) and seek deregistration and termination of its reporting obligations under the Securities Exchange Act.
The company argues that listing is not greatly in its interests, as trading in UPM stock in New York is relatively thin, and the company's most important bourse is in Helsinki.
The move will bring some minor cost savings for UPM, but above all it will relieve the company of the obligation to file the laborious 20F forms setting out the company's actions, business practices, and assets in painstaking detail.
UPM shares were first listed in New York seven years ago. It will still be possible for US investors to trade in ADR certificates after delisting, but only on the over-the-counter market.
Nokia and Stora Enso will remain on the NYSE. Earlier Finnish departures from the New York bourse include Sonera and Metso.
