Imax to Delist Shares From Toronto Stock Exchange
The cost-saving move will see shares in the giant screen exhibitor stay on the Big Board in New York
Imax on Monday said it plans to drop its Toronto Stock Exchange stock listing at the close of markets on Jan. 19.
Shares in the Toronto-based giant screen exhibitor mostly trades on the New York Stock Exchange, where Imax will remain. "The Company believes that the relatively low trading volume of its shares on the TSX over a sustained period no longer justifies the financial and administrative costs associated with maintaining a dual listing," Imax said in a statement.
The planned end of a dual listing in Toronto and New York follows Imax selling a 20 percent stake in Imax China, its expanding China business, for $80 million to CMC Capital Partners and FountainVest Partners, a China-focused private equity firm.
Allowing Chinese ownership of its Chinese business could come before Imax completes an eventual IPO of Imax China.