Cost-cutting CHH to delist in Australia

Carter Holt Harvey is to delist from the Australian Stock Exchange as part of 86 per cent owner Graeme Hart's drive to cut costs.

CHH last year spent A$51,000 ($56,400) on ASX listing fees, but this represents only a small part of the costs of listing on the exchange. Other costs such as communication with Australian-based shareholders are also expensive.

Hart has bid $3.3 billion or $2.50 for CHH. His offer closes on Friday.