24th Apr 2018 16:31
LONDON (Alliance News) - Alloys producer Afarak Group PLC said Tuesday that it has halted the redomiciliation of the company and delisting of its shares from the Helsinki stock exchange.
The company said major shareholders - Kermas Ltd and Atkey Ltd - who proposed the delisting process have withdrawn their proposal since there is no longer a common aspiration towards it amongst other shareholders who initially supported the initiative.
"The board concurs that, without major shareholder support, continuing to plan for the delisting from Finland would not be in the best interest of the Company and its shareholders at this time. In the opinion of the Board, the higher costs faced by the minority shareholders, should the Company's shares be only traded on the London Stock Exchange, will not be outweighed by the potential benefits derived from the process at this present moment," Afarak said.
London-listed shares of the company were untraded at 92.50 pence on Tuesday.
Related Shares:
Afarak Group