AMP to delist from NZX

AMP wants to simplify its administration as it prepares to sell its private markets business next year. Photo / 123RF

By RNZ

Australian-based financial services group AMP is to delist from the New Zealand Stock Exchange (NZX).

AMP said it wanted to simplify its administration as it prepared for selling its private markets business next year.

"The delisting reflects the smaller number, and lower level of holdings of AMP shareholders on the New Zealand Exchange, following greater accessibility of the ASX to New Zealand-based shareholders," the company said in a statement.

Close to 300,000 New Zealanders got shares in 1998 when the company demutualised and issued free shares to its policyholders on both sides of the Tasman.

AMP said the transfer of New Zealand shareholders to the Australian register would happen automatically, as would the transfer of all necessary personal details, and payment of dividends and reinvestment would continue as usual.

It said it would have no effect on any policies and products held with AMP.

AMP will stop trading on 2 February next year and delist on 4 February, after which trading would have to be done through a New Zealand sharebroker registered with the ASX.

- RNZ