Swiss Steel Holding has announced its voluntary intention to delist from the SIX Swiss Exchange, Kallanish notes from a statement by the producer.
Given the company’s small free float, Swiss Steel plans to apply for an off-exchange trading opportunity for the company’s shares, it said on Friday.
The group over recent years has undergone significant restructuring and reorganisation efforts, resulting in a shareholder structure characterised by a small number of large, long-term investors. Consequently, the SIX-listed shares have a low free float and limited trading volume, leading to an illiquid market for the company’s shares, the group explains.
The main stakeholders are GravelPoint Holding with 65.75%, PCS Holding with 10.11%; and Liwet Holding with 12.85%.
The supervisory board has determined that the benefits of maintaining a listing on the SIX Swiss Exchange are outweighed by the comparatively high costs and administrative efforts required to sustain it. The voluntary delisting will allow Swiss Steel to allocate resources more effectively toward restructuring and operational improvements, it says.
If the delisting is approved by an extraordinary general meeting of shareholders, the board will proceed with the delisting.
Christian Koehl Germany