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Stock Market & Financial Investment News

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November 16, 2012
05:09 EDTSABGrupo Casa Saba announces its intention to delist from the NYSE
Grupo Casa Saba, S.A.B. de C.V. announces its intention to delist its American Depositary Shares, or ADSs, from the New York Stock Exchange, or NYSE. GCS will concentrate all trading of its ordinary shares on the Bolsa Mexicana de Valores in Mexico, or BMV, and will be terminating its current ADS program. GCS has made a number of acquisitions over the last four fiscal years, and it has faced difficulties in integrating these businesses into its financial reporting structure, with the result that its auditors have issued qualified audit reports in three of the last four fiscal years. In determining to delist its ADSs, GCS has taken into account the low trading volume of its ADSs on the NYSE, and the associated costs of maintaining the listing and related obligations, including the increased complexities arising from its recent acquisitions. GCS has not arranged for the listing or registration of its ADS or ordinary shares on another U.S. national securities exchange or for their quotation in a quotation medium in the U.S. GCS intends to file a Form 25 with the SEC to effect the delisting from the NYSE on or about Nov. 26. The delisting will become effective 10 days later.
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