SINGAPORE: Creative Technology, whose music players compete with the Apple iPod, said it planned to end trading of its shares on the Nasdaq Stock Market to cut costs incurred by U.S. financial reporting requirements.

The Singapore-based company plans to file notice to remove the listing of its shares from the U.S. exchange on or around July 23, Creative said. The withdrawal will be effective 10 days after the notice is submitted, it said.

Last month Creative reported its fourth loss in five quarters for the three months to March 31 as sales missed the company’s expectations. U.S. financial reporting costs are set to climb as companies move to comply with the Sarbanes-Oxley Act, which President George W. Bush signed into law in 2002 after accounting scandals eroded investor confidence.

[1] Int. Herald Tribune: Creative Technology to leave the Nasdaq