MTel to delist from NYSE

Portfolio.hu reports that Hungary’s dominant telecoms group Magyar Telekom (MTel) will delist its American Depositary Receipts (ADRs) from the New York Stock Exchange (NYSE). It is understood MTel’s board approved the decision at a meeting yesterday. In a statement published on the Budapest Stock Exchange (BSE), the telco confirmed ‘the main purpose of delisting is to reduce complexity in financial reporting and administrative costs.’ It went on to say that it ‘remains committed to serve its investor base in the United States, as well as to comply with the highest standards of corporate governance, and to provide transparent financial reporting.’