General Motors (GM.N) announced Wednesday it's seeking to delist from the Toronto Stock Exchange.
"Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume. Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified," the company said in a press release.
The company’s shares will no longer be traded on the TSX (GMM_u.TO), effective when markets close on Nov. 30, 2017.
Then-Finance Minsiter Jim Flaherty encouraged the GM listing in 2010, telling reporters: "This is a reasonable expectation on behalf of the people of Canada since we are a major shareholder in the company. It seems reasonable to me and appropriate that there be a listing on the Toronto Stock Exchange."
The company’s common stock will continue to trade on the New York Stock Exchange and the company said shareholders will be able to continue to trade their shares on other exchanges.
GM had accepted billions of dollars in aid from the American, Canadian and Ontario governments after filing for bankruptcy protection during the 2009 global economic downturn.
- with files from The Canadian Press