[Federal Register Volume 70, Number 49 (Tuesday, March 15, 2005)]
[Notices]
[Pages 12759-12760]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1119]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 1-14544]


Issuer Delisting; Notice of Application of Grupo Imsa, S.A. de 
C.V. To Withdraw Its American Depositary Shares (Represented by 
American Depositary Receipts (Each Representing Nine Equity Units, Each 
of Which Consists of Three Series B Shares, No Par Value, and Two 
Series C Shares, No Par Value), From Listing and Registration on the 
New York Stock Exchange, Inc.

March 9, 2005.
    On February 10, 2005, Grupo Imsa, S.A. de C.V., a company organized 
under the laws of United Mexican States (``Issuer''), 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 representing nine equity units, 
each of which consists of three Series B shares, no par value, and two 
Series C shares, no par value) (``Security''), from listing and 
registration on the New York Stock Exchange, Inc. (``NYSE'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
---------------------------------------------------------------------------

    The Board of Directors (``Board'') of the Issuer adopted 
resolutions, at a

[[Page 12760]]

meeting held on January 10, 2005, to withdraw the Security from listing 
and registration on the NYSE. The Board stated that in reaching its 
decision to withdraw the Security from the Exchange, the Board 
considered the following factors. First, the Board believes that the 
Issuer's shareholders have been disadvantaged by the historically thin 
liquidity of the trading in the US markets for the Security. The Board 
believes that the trading price of the Security has been adversely 
affected by weak liquidity. Second, in the Board's view, the liquidity 
and pricing issues have arisen because the public float of the Security 
is not large enough to support trading on two exchanges. Only 15% of 
the Security is owned by the public, with the rest owned by the Canales 
Clariond and Clariond Reyes families. Since the Issuer is a Mexican 
company, headquartered in Monterrey, Mexico, the Board believes that 
all trading in the Security should take place on the Mexican Stock 
Exchange. Third, the Board hopes that if all of the trading in the 
Security takes place on the Mexican Stock Exchange, the market for the 
Security on that exchange will show improved liquidity and pricing. In 
that case, withdrawal of the Security from listing on the NYSE will 
benefit the Issuer's shareholders.
    Last, the Board stated that as required by the Issuer's by-laws, 
the Issuer's shareholders have voted on and approved by a majority of 
more than 98%, the proposal to withdraw the Security from listing on 
the NYSE. Investors in the Security will continue to have access to 
information regarding the Issuer contained in reports filed with the 
Commission. In view of the thin liquidity of the trading markets for 
the Security and the price at which the Security has historically been 
trading, the Board believes that the Issuer's shareholders have not 
realized the benefits of an NYSE listing.
    The Issuer stated in its application that it has complied with the 
NYSE's rules governing an issuer's voluntary withdrawal of a security 
from listing and registration by providing the NYSE with the required 
documents governing the removal of securities from listing and 
registration on the NYSE.
    The Issuer's application relates solely to the withdrawal of the 
Security 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\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
---------------------------------------------------------------------------

    Any interested person may, on or before April 4, 2005, 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

     Use the Commission's Internet comment form (http://www.sec.gov/rules/delist.shtml); or
     Send an e-mail to [email protected]. Please include 
the File Number 1-14544 or;

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.

All submissions should refer to File Number 1-14544. 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. 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\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(1).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
[FR Doc. E5-1119 Filed 3-14-05; 8:45 am]
BILLING CODE 8010-01-P