[Federal Register Volume 69, Number 159 (Friday, October 8, 2004)]
[Notices]
[Pages 60439-60440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-2554]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application of Internacional de 
Ceramica, S.A. de C.V. To Withdraw its American Depositary Shares (Each 
American Depositary Share Representing Five Limited Voting Units), 
Limited Voting Units (Which Consist of One Series D and One Series L 
Share), Series D Shares, No Par Value, and Series L Shares, No Par 
Value from Listing and Registration on the New York Stock Exchange, 
Inc. File No. 333-12776

October 4, 2004
    On September 14, 2004, Internacional de Ceramica, S.A. de C.V., a 
Mexican corporation (``Issuer''), has filed an application with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 12(d) of the Securities Exchange Act of 1934 (``Act'') \1\ and 
Rule 12d2-2(d) thereunder,\2\ to withdraw its American Depositary 
Shares (Each American Depositary Share Representing Five Limited Voting 
Units), Limited Voting Units (which consist of one Series D and one 
Series L Shares), Series D Shares, no par value, and Series L Shares, 
no par value) (``Securities''), from listing and registration on the 
New York Stock Exchange, Inc. (``NYSE'' or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Board of Directors (``Board'') of the Issuer approved a 
resolution on September 8, 2004 to withdraw the Issuer's Securities 
from listing on the NYSE. The Board stated that following reasons 
factored into its decision to withdraw the Issuer's Securities from the 
Exchange: (i) The dramatically increasing costs associated with the 
preparation and filing of the Issuer's periodic reports with the 
Commission and other expenses related to listing the Securities on the 
NYSE; (ii) the limited number of registered holders resident in the 
United States; (iii) the lack of analyst coverage and minimal liquidity 
in trading of the Securities; (iv) the infrequent trading of the 
Securities on the NYSE and the likelihood that such trading volume 
would not increase materially in the foreseeable future; (v) the costs 
associated with the continued listing of Securities are 
disproportionately high, given the limited trading volume; (vi) the 
limited voting units underlying the Securities will continue to be 
listed and traded on the Bolsa Mexicana de Valores, S.A. de C.V. 
(``Bolsa''); (vii) the belief of the Issuer that concentration of its 
Securities on the Bolsa alone rather than on two different trading 
markets will improve liquidity in and trading of its Securities; and 
(viii) the benefits associated with maintaining listing and 
registration in the United States are outweighed by the costs of 
maintaining the listing and registration.
    The Issuer stated in its application that it has complied with all 
the applicable laws in effect in Mexico, in which it is incorporated, 
and with the NYSE's rules governing an issuer's voluntary withdrawal of 
a security from listing and registration. The Issuer stated in its 
application that it has met the requirements of the NYSE rules 
governing an issuer's voluntary withdrawal of a security from listing 
and registration.
    The Issuer's application relates solely to the Securities' 
withdrawal from listing on the NYSE and from registration under section 
12(b) of the Act,\3\ and shall not affect its obligation to be 
registered under section 12(g) of the Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before October 27, 2004, comment 
on the facts bearing upon whether the application has been made in 
accordance with the rules of the NYSE, and what terms, if any, should 
be imposed by the Commission for the protection of investors. All 
comment letters may be submitted by either of the following methods:

Electronic Comments

     Send an e-mail to [email protected]. Please include 
the File Number 333-12776 or;

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary,

[[Page 60440]]

Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549-0609.
    All submissions should refer to File Number 1-11863. This file 
number should be included on the subject line if e-mail is used. To 
help us process and review your comments more efficiently, please use 
only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/delist.shtml). 
Comments are also available for public inspection and copying in the 
Commission's Public Reference Room, 450 Fifth Street, NW., Washington, 
DC 20549. All comments received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.
    The Commission, based on the information submitted to it, will 
issue an order granting the application after the date mentioned above, 
unless the Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority. \5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. E4-2554 Filed 10-7-04; 8:45 am]
BILLING CODE 8010-01-P