Citigold withdraws from Nasdaq Dubai

Australian-based Citigold Corporation has decided to withdraw its secondary listing from Nasdaq Dubai citing low turnover in the exchange, said a stament on Nasdaq Dubai.

The company said that it provided a written notice to Nasdaq Dubai that it intends to voluntarily withdraw its securities from the secondary listing within 60 calendar days.

"After careful consideration Citigold's board of directors has decided to withdraw its shares from the Nasdaq Dubai because of the low turnover and the associated compliance costs of maintaining the listing," the company said in the statement.

Dubai Financial Market, after the acquisition of Nasdaq Dubai, is planning to increase the turnover in the exchange by 10 folds through attracting retail investors to Nasdaq Dubai. Citigold Corporation cited low turnover for its decision.

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