London-listed IWG considers move to US exchange - CEO
09/08/2023 18:28
By Aby Jose Koilparambil
Aug 9 (Reuters) - Office rental firm IWG Plc IWG.L is
considering moving its listing from London to New York, its CEO
Mark Dixon said on Wednesday, a day after the company confirmed
it was looking at switching its reporting currency to dollars.
"We are not facing any challenges in London. It is the fact
that more than half of our business is U.S.-based and more than
half of our profits," Dixon told Reuters.
"The board is considering, in due course, a possible
re-listing if that (New York) is a more appropriate place to be,
because the weighting has moved so much to the U.S... and the
bulk of our operations are there," added Dixon.
If IWG's departure from the London Stock Exchange were to
occur, it would be another high-profile exit from the London
market.
Plumbing products supplier Ferguson FERG.L FERG.K had
moved its primary listing to New York last year while CRH
CRH.L , the world's biggest supplier of building materials, is
slated for a similar move next month.
IWG, which has over 4,000 work locations in more than 120
countries, said it has initiated a review of its reporting
currency and the potential implications of moving to U.S.
accounting standards.
The Times had first reported that IWG was mulling a New York
listing.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Shailesh Kuber)
((abyjose.koilparambil@thomsonreuters.com; +917483275231;))