Chinese former giant Suntech today announced its American Depository Shares are set to be de-listed from the New York Stock Exchange.
In an update to investors on its website, the Cayman Islands-registered Suntech Power Holdings company left after the sale of the main Wuxi Suntech manufacturing operations to Chinese rival Shunfeng Photovoltaic International, announced a decision by the NYSE regulation body to de-list its shares has been upheld by the exchange’s committee for review.
The company is expecting a de-listing form from the U.S. Securities and Exchange Commission (SEC) shortly.
Suntech Power Holdings, which is being liquidated, this week announced its creditors are owed US$264 million by the Suntech Singapore unit which was transferred to Shunfeng as part of the acquisition.
The joint liquidators of the parent company also announced they are investigating the terms under which Shunfeng acquired the parent’s equity interest in Wuxi Suntech as well as in subisidiaries in Singapore and Japan.