Telstra decided to delist from the New Zealand stock market and move to a sole listing on the Australian Securities Exchange (ASX) to streamline its shareholder services.

In a statement, the Australian operator explained its shareholders on the New Zealand Exchange (NZX) have declined over time and, with the ASX accessible to New Zealand-based shareholders, Telstra considers delisting an appropriate step.

Trading of shares on NZX will halt at the close of business on 16 June, with the shares transferred to the ASX. Telstra will delist from NZX on 18 June.

NZX’s regulatory arm approved the delisting, subject to Telstra meeting certain conditions.

In a letter to shareholders, the operator said “if you hold Telstra shares on NZX, your shares will be automatically transferred”, adding there will be no change to “the way we pay our dividends and we will continue to pay dividends in New Zealand or Australian dollars”.