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China Netcom Delisting From Two Markets On October 15
August 18, 2008 |
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| Category: Telecom & Wireless
China Netcom has released a report that after the completion of the merger with China Unicom, the company will be delisted from Hong Kong Exchanges and Clearing Limited and New York Stock Exchange on October 15, 2008.
By then, China Netcom will be a wholly-owned subsidiary of China Unicom.
In the report, China Netcom says that the company has advised its shareholders to exchange the shares of China Netcom for the shares of the new China Unicom in Hong Kong Exchanges at a ratio of 1 to 1.508; and its American depositary shares can be exchanged for new China Unicom's American depositary shares at a ratio of 1 to 3.016. The deadline for the exchange is October 6, 2008.
After the delisting and merger with China Unicom, China Netcom will become history and the shareholders of its listed company will become shareholders of China Unicom. China Netcom's shareholders include Chinese Academy of Sciences, China Ministry of Railways and the State Administration of Radio Film and Television.
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