Mobile phone major Nokia today announced it has decided
to apply for the delisting of Nokia’s shares from the Frankfurt Stock Exchange
due to the decreased trading volumes of Nokia shares at the exchange.
The announcement from the company says the application
for the delisting will be made to the Management Board of Frankfurt Stock
Exchange. Subject to approval, the final day of trading of Nokia shares on the
Frankfurt Stock Exchange is estimated to be during the first half of 2012.
The company has been facing huge fall in trading volumes
on the Frankfurt Stock Exchange for the past few years and currently represent
only a small percentage of the total global trading volumes of the Nokia share.
Prior to this, Nokia
delisted from the stock exchanges in London, Paris and Stockholm in 2003, 2004
and 2007 respectively. Nokia shares will continue to be traded within the
Eurozone on the NASDAQ OMX Helsinki Stock Exchange and in the United States in
the form of American Depositary Shares on the New York Stock Exchange (NYSE),
the company said.
This announcement from Nokia comes just a day after its
subsidiary Nokia Siemens Networks announced
it will cut its global workforce by approximately 17,000 by the end of 2013.
Recently Nokia too announced plans to cut around 3,000
jobs.
Nokia posted
13 percent decrease year-on-year in its net sales in Q3 2011. Nokia net sales
include income from Nokia devices, Navteq and Nokia Siemens Networks. Nokia’s
net sales declined to EUR 8,980 million in Q3 2011 from EUR 10,270 million in
Q3 2011.
By Telecomlead.com Team
editor@telecomlead.com
