29 Apr 2011

Cavotec looks at listing in Stockholm exchange

7:31 am on 29 April 2011

The company wants to unlist from the NZX and eventually relist on NASDAQ OMX - which would mean New Zealand investors would swap their shares.

Cavotec Group chief executive Ottonel Popesco says he's very confident the company will be more successful on the NASDAQ OMX as it will be listed alongside similar companies.

He says it is a natural move for the New Zealand-headquartered company as it is closer to the company's market and customers.

Mr Popesco stresses the move doesn't mean the company is withdrawing its presence from New Zealand, where 20% of its shareholders are based and where the operation of the company will remain.

He says a plan will be drawn up and go to the High Court for approval.

The full proposal will be presented at the company's annual general meeting in August for shareholders to vote on, he says, and if all goes as planned the company could relist by the end of October.