SENDAS ANNOUNCES INTENTION TO VOLUNTARILY DELIST ITS AMERICAN DEPOSITARY SHARES FROM NYSE
Sendas Distribuidora (NYSE: ASAI) has announced its intention to voluntarily delist its American Depositary Shares (ADSs) from the NYSE, with plans to make the delisting effective by January 9, 2025. The company's Board of Directors approved the decision to change its ADR program to Level 1, allowing investors to continue trading ADSs over-the-counter after delisting.
The decision comes as approximately 87% of trading in the company's common shares is concentrated on Brazil's Novo Mercado segment. Sendas considers maintaining a NYSE listing no longer beneficial and views the delisting as aligned with its long-term strategy of maintaining efficient operations as a low-cost company.
The company will maintain its primary listing on Brazil's Novo Mercado and continue all required Brazilian disclosures and current corporate governance practices.
Sendas Distribuidora (NYSE: ASAI) ha annunciato la sua intenzione di ritirare volontariamente le sue American Depositary Shares (ADS) dal NYSE, con piani di rendere il delisting efficace entro il 9 gennaio 2025. Il Consiglio di Amministrazione della società ha approvato la decisione di cambiare il proprio programma ADR a Livello 1, consentendo agli investitori di continuare a scambiare le ADS tramite il mercato over-the-counter dopo il delisting.
La decisione arriva poiché circa l'87% delle transazioni delle azioni ordinarie della società è concentrato nel segmento Novo Mercado in Brasile. Sendas considera che mantenere una quotazione al NYSE non sia più vantaggioso e vede il delisting come allineato con la sua strategia a lungo termine di mantenere operazioni efficienti come azienda a basso costo.
La società manterrà la sua quotazione principale nel Novo Mercado in Brasile e continuerà a rispettare tutte le divulgazioni brasiliane richieste e le attuali pratiche di governance aziendale.
Sendas Distribuidora (NYSE: ASAI) ha anunciado su intención de retirar voluntariamente sus American Depositary Shares (ADS) del NYSE, planeando hacer efectivo el delisting para el 9 de enero de 2025. La Junta Directiva de la empresa aprobó la decisión de cambiar su programa ADR a Nivel 1, permitiendo a los inversores seguir negociando ADS en el mercado extrabursátil tras el delisting.
La decisión llega ya que aproximadamente el 87% de las operaciones en las acciones ordinarias de la empresa se concentra en el segmento Novo Mercado de Brasil. Sendas considera que mantener una cotización en el NYSE ya no es beneficioso y ve el delisting como alineado con su estrategia a largo plazo de mantener operaciones eficientes como una empresa de bajo costo.
La empresa mantendrá su cotización principal en el Novo Mercado de Brasil y continuará con todas las divulgaciones brasileñas requeridas y las prácticas actuales de gobernanza corporativa.
Sendas Distribuidora (NYSE: ASAI)는 2025년 1월 9일까지 NYSE에서 미국 예탁 주식(ADS)을 자진 해지할 의도를 발표했습니다. 이 회사의 이사회는 해지가 이루어진 후에도 투자자들이 장외 시장에서 ADS를 계속 거래할 수 있도록 ADR 프로그램을 레벨 1로 변경하기로 결정했습니다.
이 결정은 약 87%의 거래가 회사의 보통주에서 브라질의 Novo Mercado 부문에 집중되어 있다는 점에서 나왔습니다. Sendas는 NYSE 상장을 유지하는 것이 더 이상 유익하지 않다고 판단하고, 저비용 기업으로서 운영 효율성을 유지하려는 장기 전략과 일치한다고 생각합니다.
회사는 브라질 Novo Mercado에서 주요 상장을 유지하며, 모든 필수 브라질 공시 및 현재의 기업 지배구조 관행을 지속할 것입니다.
Sendas Distribuidora (NYSE: ASAI) a annoncé son intention de retirer volontairement ses American Depositary Shares (ADS) de la NYSE, avec l'objectif que le retrait soit effectif d'ici le 9 janvier 2025. Le Conseil d'administration de l'entreprise a approuvé la décision de modifier son programme ADR pour le ramener au niveau 1, permettant aux investisseurs de continuer à négocier les ADS de gré à gré après le retrait.
Cette décision intervient alors qu'environ 87% des échanges des actions ordinaires de l'entreprise sont concentrés sur le segment Novo Mercado au Brésil. Sendas estime qu'il n'est plus bénéfique de maintenir une cotation à la NYSE et considère le retrait comme étant en ligne avec sa stratégie à long terme visant à maintenir des opérations efficaces en tant qu'entreprise à faible coût.
L'entreprise conservera sa cotation principale sur le Novo Mercado au Brésil et continuera à respecter toutes les déclarations requises au Brésil ainsi que les pratiques actuelles de gouvernance d'entreprise.
Sendas Distribuidora (NYSE: ASAI) hat seine Absicht angekündigt, seine American Depositary Shares (ADS) freiwillig von der NYSE abzubestellen, wobei der Delisting bis zum 9. Januar 2025 wirksam werden soll. Der Verwaltungsrat des Unternehmens hat die Entscheidung genehmigt, sein ADR-Programm auf Stufe 1 umzustellen, was es den Investoren ermöglicht, die ADS nach dem Delisting im Over-the-Counter-Markt weiter zu handeln.
Die Entscheidung kommt, da etwa 87% des Handels mit den Stammaktien des Unternehmens im Novo Mercado-Segment Brasiliens konzentriert ist. Sendas betrachtet die Beibehaltung der NYSE-Notierung nicht mehr als vorteilhaft und sieht den Delisting als im Einklang mit seiner langfristigen Strategie, effiziente Abläufe als kostenbewusstes Unternehmen aufrechtzuerhalten.
Das Unternehmen wird seine Hauptnotierung im Novo Mercado in Brasilien beibehalten und alle erforderlichen brasilianischen Offenlegungen sowie die aktuellen Unternehmensführungspraktiken fortsetzen.
- Potential cost reduction through elimination of NYSE listing expenses
- Maintains efficient operations aligned with low-cost strategy
- Preserves current corporate governance practices
- Reduced access to U.S. capital markets
- Potential decrease in trading liquidity for international investors
- May impact international visibility and institutional investor access
Insights
With
The transition to a Level 1 ADR program maintains some accessibility for US investors through over-the-counter trading, though with reduced liquidity. This structured approach, maintaining ADR availability while eliminating NYSE listing costs, demonstrates thoughtful balance between cost reduction and market access.
For investors, key implications include:
- Reduced trading liquidity for US-based shareholders
- Potential cost savings from eliminated NYSE listing fees and simplified compliance
- Maintained corporate governance standards through Novo Mercado listing
The January 9, 2025 target date provides adequate transition time for institutional investors to adjust positions. While this move may initially create some selling pressure, the long-term cost benefits and focus on the primary Brazilian market should support operational efficiency.
Novo Mercado listing requirements are among the strictest in Brazil, demanding high transparency and minority shareholder protection standards. This voluntary adherence to existing governance frameworks, despite reduced regulatory obligations, signals strong management integrity and shareholder focus.
The structured delisting process, including the maintenance of a Level 1 ADR program, demonstrates careful consideration of stakeholder interests rather than an abrupt market exit. This approach helps preserve institutional credibility while achieving operational objectives.
The timing of this decision, coming nearly three years after the initial NYSE listing, suggests a thorough evaluation of the dual-listing benefits versus costs. The focus on the Brazilian market, where the company has stronger brand recognition and investor following, represents pragmatic capital markets strategy.
SÃO PAULO, Dec. 19, 2024 /PRNewswire/ -- Sendas Distribuidora S.A. (B3: ASAI3; NYSE: ASAI) ("Company") announces that the Company's Board of Directors approved at the meeting held on this date, the intention of the Company to proceed with the voluntary delisting of its American Depositary Shares ("ADSs"), each representing five common shares of the Company and represented by American Depositary Receipts ("ADRs"), from the New York Stock Exchange ("NYSE") ("Delisting"), including the change of the Company's ADR program to Level 1, in order to enable investors to maintain ownership of their ADSs, which may be traded on over-the-counter markets after the Delisting, as applicable, and deregistration with the United States Securities and Exchange Commission ("SEC"), once the Company complies with the applicable deregistration requirements.
The Company clarifies that the application for listing and admission to trading of its common shares on the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão ("Novo Mercado") and the application to list its ADSs on the NYSE were granted in February 2021 in the context of the corporate reorganization involving the Company and Companhia Brasileira de Distribuição (GPA), as disclosed to the market in general at the time.
However, the Company considers that maintaining a secondary listing on the NYSE is not currently beneficial, given that trading of the Company's common shares is predominantly concentrated (around
Accordingly, the Company intends to file a Form 25 with the SEC in due course seeking to make the Delisting effective by January 9, 2025. The Company expects immediately following the Delisting, the ADSs will begin to trade over-the-counter. Thereafter, if and when the requirements are met, the Company will file a Form 15F with the SEC to deregister and terminate its disclosure obligations under the Securities and Exchange Act of 1934, as amended. The Company reserves the right, for any reason and at any time, to postpone or cancel the filings of Forms 25 and 15F or otherwise modify its plans with respect to this matter
Finally, the Company clarifies that: (i) its common shares will continue to be listed and admitted to trading in
The Company will keep its shareholders and the market in general informed of any material updates regarding the matters mentioned herein.
Important Notice Regarding Forward-Looking Statements:
This press release contains forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to Sendas Distribuidora S.A., are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forwardlooking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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SOURCE Assaí Atacadista
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