Almacenes Éxito (NYSE: EXTO) has announced its Board's approval to voluntarily delist its American depositary shares (ADSs) from the NYSE and deregister under the U.S. Securities Exchange Act. The company plans to file Form 25 with the SEC on December 30, 2024, with delisting expected to become effective ten days later. The last trading day on NYSE is expected to be around January 9, 2025.
The decision stems from the company's reduced free float of 13.2% (1.6% in Colombia, 1.6% in US, and 10% in Brazil) and aims to create a more efficient structure by concentrating trading in the Colombian market. The ADS program, managed by JPMorgan, will terminate on January 21st, 2025. The company's common shares will continue trading on the Colombian Stock Exchange (BVC), while alternatives for its Brazilian BDR program are under evaluation.