Japanese conglomerate Hitachi Ltd. (NYSE: HIT) has announced that it plans to de-list the company’s ADS on the New York Stock Exchange. The company will file for the voluntary de-listing on April 15th and the effective date will be April 27th.
In its announcement today, Hitachi said it would continue its ADR program and “anticipates that its ADSs will continue to be traded on the U.S. over-the-counter market.”
The company says that trading volumes do not justify the costs of maintaining a listing on the NYSE. Hitachi will also de-list from exchanges in Fukuoka and Sapporo, Japan.
Hitachi also said it would continue to prepare its consolidated financial statements in accordance with US GAAP reporting guidelines.