Midsize electronics maker Star Micronics Co. said Tuesday it will delist its European Depository Receipts from the Luxembourg Stock Exchange.
The delisting application will be filed with the bourse today, the company said. Star Micronics raised 12 billion yen in 1983 through the flotation of EDRs.
Since European buyers had converted them into regular shares, the firm decided to delist them to cut costs, it added.
An EDR is a receipt for shares in a foreign firm held in the vaults of European banks and entitling shareholders to all dividends and capital gains. The securities allow European investors to buy shares in foreign firms.