European bakery business ARYZTA plans to do away with its dual-listing structure by removing the company’s shares from the Euronext exchange in Dublin.

Zurich-based Aryzta, which announced last month it plans to exit the North and Latin American markets to focus on Europe and Asia, said the board of directors have opted to cancel the secondary listing on Euronext because fewer than 4% of the shares outstanding are listed on the bourse.

The shares are traded as Crest Depository Interests (CDI), a security that represents a stock trading on an exchange outside of the UK and Ireland, or in Aryzta’s case, outside of the Six Swiss Exchange, the country’s main share platform where the bakery company has a primary listing.

Aryzta said the benefits of a single listing are one set of compliance and regulatory obligations and reduced costs. It also noted the decision forms part of its strategy to “simplify” the business under a new recently installed board chaired by Urs Jordi, the former head of Aryzta’s European division.

Under that simplification objective, Aryzta announced in December it was selling its take-and-bake pizza business in North America to US-based private-equity firm Brynwood Partners. That came before the news that Aryzta planned to exit North and Latin America, with talks ongoing with interested parties.

Aryzta said it will be writing to Euronext Dublin with a request to cancel the listing and will then communicate developments to the CDI holders.

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By GlobalData