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 Business News | October 2006 
Mexican Retailer Comerci to Delist US Shares
 Reuters
| | Comerci has more than 250 supermarkets and restaurants, but has been hit in recent years by fierce competition from market heavyweight Wal-Mart de Mexico. |
Mexico City - Mexican supermarket chain Comerci will delist its New York-traded shares because there is very little trade in them.
Comerci (MCM.N) said on Friday its global depositary receipts will be delisted from the New York Stock Exchange on Nov. 3 and investors will have the option to exchange them for its shares in Mexico (COMERCIUBC.MX).
The company, whose full name is Controladora Comercial Mexicana, said it was making the move because 99.7 percent of trading in its shares is done in the Mexican market.
Comerci has more than 250 supermarkets and restaurants, but has been hit in recent years by fierce competition from market heavyweight Wal-Mart de Mexico, or Walmex (WALMEXV.MX).
It has fought back by mirroring the Walmex model of cutting costs, lowering prices and expanding.
On delisting in the United States, Comerci will also cancel its registration with the U.S. Securities and Exchange Commission.
Its shares have gained about 40 percent this year, but they slipped on Friday, down 1.02 percent to $42.59 at the close in New York and 1.03 percent to 23.10 pesos in Mexico. |
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