In 2010, General Motors shares began trading on the Toronto Stock Exchange.
The move came after the Harper government helped bail-out the company when it nearly collapsed.
Now, General Motors will be ending the trading of their stock on the TSX as of November 30, 2017.
Here’s what the company said in a release:
“Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume. Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified.”
According to BNN, the stock will continue to be traded on the New York Stock Exchange, and shareholders can keep trading their shares on other stock exchanges.
This is disappointing to see, as GM only survived in part because of a bailout paid for by Canadian taxpayers. And yet, they have decided to show no respect for that Canadian support. This is usually how it happens – big corporations get our money, get back to profitability, and then forget that they were ever in trouble in the first place.