Citing "very low" trading volumes and liquidity, Singtel (more formally, Singapore Telecommunications Limited) has sought approval from the ASX to remove its listed securities from the exchange.

As part of its 2001 acquisition of Optus, Singtel CDIs (CHESS Depositary Interests) became listed on the ASX.

Each Singtel CDI is equivalent to one Singtel share on the Singapore stock exchange.

Those who still hold Singtel CDIs on delisting will four choices: convert them to Singtel shares, convert and sell on the Singapore exchange, participate in a voluntary sale of the underlying shares (Singtel will arrange concessional brokerage fees), or do nothing, in which case the underlying shares will be sold on a similar basis to the voluntary scheme but at a later date.

The ASX has given in-principle advice that it would be likely to agree to the delisting, and the Australian Taxation Office has been asked for a class ruling that the conversion of CDIs into the underlying shares should not trigger a capital gains tax event.

In a written announcement Singtel stated:

In recent years, the number of Singtel CDIs on issue has declined significantly and, as at 31 March 2015, represented only approximately 137 million of the 15.94 billion Singtel shares issued, or 0.86% of Singtel's issued capital. Daily trading volumes and liquidity of Singtel CDIs on the ASX are very low. During the twelve months to 31 March 2015, the number of Singtel CDIs traded on the ASX accounted for only 6% of all Singtel shares traded. This reflects institutional investors' preference to hold and trade Singtel shares on its home exchange, the SGX. With little demand to drive liquidity in its CDIs, Singtel's weighting in the S&P/ASX200 index has been reduced to approximately 0.03% as at 31 March 2015. This further diminishes the broader market appeal of Singtel CDIs. There is increased likelihood that Singtel's index weighting will be further reduced over time.

After careful consideration, the Singtel Board has determined that there are minimal shareholder benefits from maintaining Singtel's listing on the ASX. The delisting will also have the effect of reducing the costs arising from dual listing requirements.

Singtel CDI holders will receive detailed information company about the delisting.