May 13, 2019 / 3:42 PM / 13 days ago

Brazil's Braskem to be delisted from NYSE

(Reuters) - Brazilian petrochemical company Braskem SA said on Monday the New York Stock Exchange will initiate a delisting process for the company’s American depositary shares, after it failed to file its annual report for 2017 on time.

The trading of its ADSs have been suspended and holders can request the Bank of New York Mellon to cancel their shares for underlying preferred shares, which are traded on the Brazilian Stock Exchange, the company said.

Each ADS can be exchanged for two preferred Class A shares.

Reporting by Debroop Roy in Bengaluru

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