AusNet Services eyes SGX delisting on 16 July

It will continue to maintain its primary listing on ASX.

Top large cap company AusNet Services said it will voluntarily delist from the Singapore Exchange Securities Trading Limited (SGX-ST). According to an announcement, it plans to remove its shares from the exchange on 16 July 2018.

AusNet Services has had its primary listing on the Australian Securities Exchange (ASX), with a secondary listing on the SGX-ST, since 14 December 2005.

The company said that having considered both the advantages and disadvantages of its shares being listed on the SGX-ST, its board decided that AusNet Services should no longer maintain a secondary listing on the SGX-ST. "The delisting is in the best interests of AusNet Services as a whole. AusNet Services will continue to maintain its primary listing on ASX," it added.

It also said that SGX-ST has no objection to the proposed delisting, on the condition that it will bear the cost of the transfer of shares to the Australian register.

Moreover, a general meeting will no longer be convened to obtain the approval of AusNet Services shareholders to the delisting, as it is not required by both exchanges.

"Shareholders who hold AusNet Services shares deposited with CDP and traded on the SGX-ST may elect to have their AusNet Services SGX shares sold on ASX through a share sale facility," AusNet Services said. Participants in the share sale facility will receive the sale proceeds in Singapore dollars.

AusNet Services joins the delisting wave that has been running since 2016 and has shaved off billions in market value from the Singaporean exchange.