AB Volvo’s board of directors has announced the company will apply for delisting from the NASDAQ stock exchange and deregistration of the Class B share from the U.S. Securities and Exchange Commission.
Company officials say trading in American Depositary Receipts has corresponded to less than 3 percent of total trading in the Volvo Class B share; a percentage the Volvo board considers disproportionate with the costs for maintaining the listing.
The delisting and deregistering process will be complete in the latter part of 2007. Following the delisting, Volvo will no longer be obligated to submit 20-F and 6-K forms to the SEC, but will maintain the program for Depositary Receipts. All trading in Volvo shares will be concentrated to the Stockholm Stock Exchange.