Telenor to withdraw from Nasdaq
Afp, Oslo
The Norwegian telecommunications operator Telenor said Tuesday it would withdraw from the US high technology stock market Nasdaq because US regulations were too expensive and burdensome. "Telenor's American Depository Shares will be delisted from the Nasdaq Stock Exchange in accordance with recent changes passed by the US Securities and Exchange Commission," a statement by the Norwegian company said. Telenor, which will only be listed on the Oslo exchange, said US stock market reporting requirements "are expensive and burdensome for the company and that such costs outweigh the benefits of maintaining a US listing." The Norwegian state owns 54 percent of the telecoms operator, the latest foreign company to forgo a US listing since corporate governance laws were tightened following the collapse of the energy trading group Enron in 2001.
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