Paper-based packaging group Smurfit Kappa is seeking to transfer its ordinary share listing in London from a standard listing to a premium one, while simultaneously transferring its share listing on the Irish Stock Exchange to a secondary listing from a primary one.
This follows a review of the company’s listing arrangements where it switched from trading in euro to sterling in London at the start of this month.
Smurfit Kappa has operations in Europe, Latin America, the United States, and Canada.
The company said the move is being taken “to assist in increasing the profile of the company, providing it with exposure, and increasing its attractiveness, to a wider potential investor base and enhancing the liquidity of its shares”.
It added that the recent switch to sterling trading in the UK “offers investors greater flexibility in terms of how they hold ordinary shares”.
Smurfit Kappa also said the share listing switch should position the company for future admission to trade on the FTSE 100 index.
The share transfers are expected to take effect from 25 April.
Smurfit Kappa will remain headquartered and tax resident in Ireland.
In an investment note, Davy commented: "While there is no guarantee that Smurfit Kappa Group will gain entry into the FTSE series, it is looking increasingly likely after today's announcement.
"In the first instance, the move should result in index buying, which is positive, while the fact that a listing is being maintained in Dublin means that euro investors can continue to invest in the company."
Betting firm Paddy Power moved its primary listing to the London Stock Exchange following its merger with Betfair this year.
The Irish Stock Exchange has seen top names such as Greencore and CRH move their primary listings in the wake of the 2010 banking crash here.
