ZURICH, June 26: The Swiss company Ciba Speciality Chemicals said on Tuesday that it would withdraw its listing on the New York Stock Exchange with effect from July 16.

Ciba said in a statement that it would maintain its primary listing on the Swiss stock exchange, where most of its share trading takes place, including with US investors.

Ciba's Board of Directors approved the delisting of its American depositary shares (ADS) to reduce complexity and costs, said chief executive and chairman Armin Meyer.

“The US continues to be a very important market an investor base for Ciba,” Meyer said.

“As most US investors are buying Ciba shares directly at the trading platforms of the Swiss stock exchange, however, only small volumes of Ciba ADSs are traded at the NYSE,” he added.

Ciba said it would maintain American Depositary Receipts for over-the-counter trading and continue to report under US accounting standards—AFP