Indosat to delist its New York-listed ADRs by May 16 | Company data
(The Insider Stories) - Indonesian telco firm PT Indosat (ISAT) plans to delist its American Depositary Receipts on the New York Stock Exchange by May 16 to cut administrative costs against the backdrop of a rapidly expanding local bourse.
Indosat said in a statement dated April 22 that the Indonesian Stock Exchange has grown significantly and is capable of attracting large foreign institutional investors.
“We are still committed to meet international standards in our financial reports and governance, and we believe our ADR investors will support our plan,” Indosat Chief Executive Alexander Rusli said in the statement.
Indosat, Indonesia’s second-biggest telecom company by assets, introduced the ADRs in 1994 to provide access to foreign investors who couldn’t put their money directly into Indonesia.
Currently more institutional investors can place their funds directly in Indonesian assets after Fitch Ratings and Moody’s Investors Services awarded investment grade status to Southeast Asia biggest economy.
