Australian shareholders hold their stock in CDIs (CHESS Depositary Interests) with each CDI equivalent to one SingTel share on the Singapore stock exchange.
In a letter and booklet sent to Australian CDI holders, SingTel has formally notified local shareholders that they will be able to either convert their stock into SingTel shares on the SGX on a one-for-one basis or sell them on the Singapore Exchange (SGX) through SingTel-arranged sale facilities.
In its letter sent out today, SingTel says it has always appreciated the support of its Australian based shareholders, and “is pleased to be able to provide you with the opportunity to remain as a Singtel shareholder”.
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When the delisting of SingTel on the ASX was announced a week ago, SingTel cited very low trading volumes and liquidity for its decision to quite the ASX, and said there were “minimal shareholder benefits” from maintaining SingTel’s listing on the ASX.
When she announced the delisting, SingTel chief corporate officer Jeann Low said the company had just 19,000 Australian shareholders, with the stock held mostly by institutional investors.
SingTel was dual-listed in Australia and Singapore in 2001 as part of an agreement that allowed it to buy Optus from Cable & Wireless.
