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Magyar Telekom to delist from NYSE

The board of Magyar Telekom approved a decision to delist the company's American Depositary Receipts (ADRs) from the New York Stock Exchange at a meeting, the company said.

The delisting aims to “reduce complexity in financial reporting and administrative costs”, Magyar Telekom said.

Most investors already use Magyar Telekom's listing in Budapest to buy and sell the company's shares, said CFO Thilo Kusch.

The company will file with the US Securities and Exchange Commission to effect the delisting no later than the end of 2010.

The ADR program will be modified to reflect the delisting and will be maintained on a Level I basis, allowing ADRs to be traded over-the-counter.

Magyar Telekom said 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.”

Magyar Telekom said it would keep investors informed of further developments and reserved the right to delay the filings or withdraw them. (MTI – Econews)