CRH shares jump on back of plans to move to FTSE
Published 08/11/2011 | 11:12
SHARES in CRH jumped by 4.5pc today after it announced that it is about to apply for inclusion in London's FTSE 100 index.
The move will mean that the company will have its primary listing in London and a secondary listing in Dublin.
CRH - currently the biggest component on Dublin's ISEQ - said the changes will have no impact on the company's operations.
The company will keep its headquarters in Ireland and will remain a tax-resident.
From Wednesday morning its ordinary shares listed on the London Stock Exchange will trade in sterling, but shares in Dublin will continue to trade in the euro.
In a statement CRH says it believes a FTSE inclusion would result in a further increase in British and international investor awareness.
The company's market value of around €9bn would put it about mid-way in the FTSE 100.
The move does not need the approval of shareholders but CRH said it will continue to report its profits and revenues in euro.
Dividends will also be declared in euro.