During Press Corporation plc’s annual general meeting (AGM), the conglomerate announced that it has delisted from the London Stock Exchange (LSE).

According to PCL board chairperson Patrick Khembo, the call follows a review of continued benefits of listing on the bourse. “The factors that were considered included the extremely low trading volumes for the past years, huge regulatory, compliance and administrative costs the company incurs annually and the likely liquidity benefits that a cancellation could trigger on the local market.” said Khembo.

PCL was the only firm in the country which was dual-listed on both MSE and LSE as a global depository receipt. On the other hand, the conglomerate announced a group profit after-tax of K24.76 billion for the year-ended December 31 2019, representing a 33% decline in profit, compared to the prior year’s profit of K36.71 billion.