Independent journal on economy and transport policy
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Mexican group TMM confirmation the intention to leave Wall Street
It will start the procedures for the delisting from the New York Stock Exchange
May 28, 2012
The shipowning, harbour group and logistic Mexican TMM has confirmed the intention to leave Wall Street. The decision is made official last week by a deliberation of the board of directors that authorizes the delisting from the New York Stock Exchange (NYSE).
"During the last few years - it has explained TMM in a note - the financial results of the society have suffered remarkablly of the impact of the elevated volatility of the exchanges between the mexican weight and the American dollar and of the slow down of the world-wide economy, questioning the opportunity to maintain the TMM quotation on the list of NYSE. Because of this volatility, for effect of the exchange rate in vigor at the close of the first trimester, when on 2 May the society has announced own results of the first trimester, group TMM is come down beneath of the medium capitalization of market and the listing standards. NYSE has notified to the society its non-compliance". TMM has specified that to the exchange rate on 23 May, instead, the conformity to the listing standards of NYSE was confirmed.
The mexican group therefore has specified that, to light of the volatility of the exchange rates, the Board of the society has decided to start the procedure of delisting voluntary being introduced a Form 25 on US Securities and Commission Exchange. TMM has emphasized that the group will continue to being quoted in Mexico to the Broken-winded Mexicana de Velores.
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The shipowning, harbour group and logistic Mexican TMM has confirmed the intention to leave Wall Street. The decision is made official last week by a deliberation of the board of directors that authorizes the delisting from the New York Stock Exchange (NYSE).
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
