Ljubljana, 10 April (STA) - Krka shares will start trading on the Warsaw Stock Exchange on 11 April, the Novo mesto-based pharmaceutical company announced on Tuesday.
"Although trading liquidity may take time to build up, we believe a listing on the Warsaw Stock Exchange will broaden our shareholder base and enhance Krka's capital markets flexibility going forward," Krka chairman Jože Colarič commented as quoted in a press release posted on the Ljubljana Stock Exchange.
Krka issued the announcement after receiving the required decisions from the Warsaw Stock Exchange and the National Depositary of Securities in Poland. The Information Memorandum is available on the company's website http://www.krka.biz/en/.
Krka shares will continue to be listed on the Ljubljana Stock Exchange. The aim of the dual listing in Warsaw is to introduce a second, widely recognised listing platform to support the trading of Krka's shares, and to attract more interest from international and Polish investors, the release reads.
The company owns 2,080,134 treasury shares or nearly 5.9% of its existing share capital, which may be used to support liquidity in its trading on the Warsaw Stock Exchange.
A Polish subsidiary of Citi, Dom Maklerski Banku Handlowego S.A., is acting as listing agent in connection with Krka's application to trading on the WSE.
Krka Group employs around 9,000 people and has production facilities in Slovenia, Poland, Croatia, Germany and Russia, selling its products to over 70 countries. The group generated EUR 1.076bn in revenues and EUR 163m in net income last year.
Krka's market capitalisation on the Ljubljana Stock Exchange as on 10 April 2012 amounted to 1.715bn, according to the release.