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Cable & Wireless backs SAR despite stock market pullout

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Cable & Wireless of Britain is removing its secondary listing on the Hong Kong stock exchange because of the low liquidity of its shares in the market.

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The company said the de-listing did not constitute a withdrawal of its commitment to the Hong Kong stock market or to its customers and staff in the SAR.

Cable & Wireless said it had repeatedly stated its confidence in the future of Hong Kong.

The company, however, said only a handful of shareholders had used the trading services in Hong Kong and the turnover level had remained low.

Cable & Wireless said its board had determined that it was not worthwhile to continue to bear the fees for the secondary listing.

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The move would bolster the liquidity of the shares for Hong Kong holders after trading continues in London, the company said.

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