DCC to cancel Irish listing in favour of FTSE

Tue Feb 26, 2013 3:21am EST

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* Says move due to internationalisation of operations

* Deals another blow to Irish index

DUBLIN Feb 26 (Reuters) - Irish business services group DCC said it will cancel its listing on the Irish Stock Exchange (ISEQ) and seek admission to Britain's FTSE UK Index Series.

The move is another blow to the Irish index, which has seen trading nosedive and top names such as Greencore and CRH move their primary listing on the back of Ireland's banking crash.

In a statement on Tuesday, DCC - a sales, marketing, distribution and business support services group - said the decision to stop its shares trading in Ireland was taken because of the increasing internationalisation of its operations.

With a majority of DCC's revenue and profit now derived from the UK and development activity focused on the UK and continental Europe, there was a consequent reduction in the proportion of DCC's revenue and profit earned in Ireland, the company said.

The stock, currently traded on both the ISEQ and the London Stock Exchange (LSE), will halt its Irish listing in May and then trade only in sterling on the LSE.

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