Supersol, Israel’s largest food chain, will stop trading its shares in the US
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The move comes as Israel’s recession has cut the chain’s profit, “eclipsing investors’ interest in the stock,” according to a report in the Jerusalem Post.
Supersol will ask the New York Stock Exchange to remove its American depositary receipts (ADRs) by 24 December, according to a statement by the company. It will continue to trade shares on the Tel Aviv Stock Exchange and offer its Israel stock to investors who hold ADRs.
The announcement comes two weeks after Supersol said Q3 profit plunged 64% as Israel’s economic slump choked consumer spending. The company first started trading ADRs in 1997.
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By GlobalData
