Telecoms company Sunrise returns to Swiss stock market (updated)
15/11/2024 06:23
(Adds details, background)
ZURICH, Nov 15 (Reuters) - Telecoms company Sunrise
SUNN.S will return to the Swiss stock exchange on Friday after
the country's second biggest broadband and mobile phone
operator completed its spin-off from Liberty Global LBTYA.O .
Shares in the company, which competes with government
controlled Swisscom SCMN.S and privately held Salt, are due to
start trading on the SIX Swiss Exchange, and will be included on
the Swiss Performance Index.
The spin-off marks a return to the stock exchange for
Sunrise, which was listed from 2015 until 2021 when it was
bought by Liberty Global for 6.8 billion Swiss francs ($7.65
billion).
Since then the company has been growing rapidly, increasing
its annual revenue to 3 billion francs in 2023, and is number 2
in the 8.1 billion franc Swiss telecoms market after Swisscom.
Nearly 69 million class A shares and 26 million Class B
shares in Sunrise have been distributed to investors, according
to their stake in Liberty Global. Only A shares will be traded.
On Friday, Sunrise said it expects to pay a dividend of
at least 240 million Swiss francs in 2025 for its 2024 financial
year, with a 'progressive dividend policy' afterwards.
($1 = 0.8893 Swiss francs)
(Reporting by John Revill, Editing by Friederike Heine)
((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))