VimpelCom (NASDAQ:VEON), a large international provider of telecommunications services, will transfer the listing of its American depositary shares (ADS) from the New York Stock Exchange to the NASDAQ, the company announced today.
According to the company's statement, it "believes the transfer to NASDAQ will provide VimpelCom shareholders with strong execution and liquidity, while offering the Company an expanded and cost effective set of listing and corporate services." The company expects to begin trading on the NASDAQ on Sept. 10, and will continue to trade under the same ticker, "VIP." Reuters reports that VimpelCom listed on the NYSE in 1996. The Nasdaq is heavy with tech stocks.
VimpelCom provides fixed and mobile telecom services to customers in Russia, several post-Soviet states, Laos, Algeria, Bangladesh, Pakistan, several African countries, Italy, and Canada. It currently has a combined 215 million wireless subscribers.
VimpelCom said it has scheduled a special shareholders' meeting for Sept. 25 to approve amendments to the company's bylaws related to the changing of exchanges. Shareholders of record on Aug. 19 will be eligible for that shareholders' meeting.