Swiss-Irish baked goods firm, Aryzta, is to cancel the company's secondary share listing on the Euronext Dublin exchange.

In a statement the board said it had taken the decision after "careful review".

The company's primary share listing will continue to be the Swiss exchange.

The firm, which has undergone significant board and management change in recent months, said it took into account the continued evolution of its shareholder base, "with less than 4% of the shares outstanding now being listed on the Euronext in the form of CDI’s".

It also pointed to "resultant low liquidity" in the Irish listing in comparison to trading on its primary exchange.

Aryzta also cited "the benefits of having a single compliance and regulatory body" as well as the board’s overall objective "to simplify the Group and reduce central costs."

Shareholders of the Irish listed shares are to receive a communication from Aryzta containing further details on maintaining their interest in the shares. 

"CDI holders do not need to take any immediate action until they receive further communication," it said. 

The move will bring to an end the trading of the company's shares in Dublin, which began with the listing of its forerunner IAWS in 1988.

The move will bring to an end the trading of the company's shares in Dublin, which began with the listing of its forerunner, the Irish Agricultural Wholesale Society (IAWS), in 1988.

In 2008 the creation of Aryzta from the merger of IAWS and Swiss bakery brand Hiestand saw the creation of CREST Depository Interests or CDIs for the Dublin market.

A CDI is a security that represents a stock traded on an exchange outside the UK and Ireland and in the case of Aryzta they are directly linked to an underlying share in the company held by Crest on behalf of the CDI owner which were traded on its primary exchange in Switzerland.

Aryzta is currently in the process of implementing a new strategic plan.

The Cuisine de France owner recently rejected a takeover offer from investment firm Elliot Advisors.

It also committed to its European and APAC markets and to the disposal of its troubled businesses in both North America and Latin America in order to reduce its debt.

The company said last month that its discussions with parties interested in buying the American businesses was "progressing well".

The firm is also in the process of reducing its APAC and European overheads by 25%.