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STOCK EXCHANGE

Swiss trader DKSH shares open at 51 francs

Shares at trading group DKSH opened on Tuesday on the Swiss stock exchange at 51 francs, slightly above its listing price of 48 francs, which valued the group at 3 billion francs ($3.2 billion).

“We are proud of the successful placement of our shares. The interest and demand of institutional and private investors were exceptionally high,” said Jörg Wolle, president and chief executive of the group.

“At the price of 48 francs per share, the offer was multiple times oversubscribed.”

Shareholders of the family held firm were initially planning to float the stocks at between 42 and 48 francs per share.

DKSH is involved in marketing, sales and distribution in the health, consumer goods and technology sectors and employs about 24,000 people.

It has been active across Asia Pacific for more than a century, and has about 630 of its 650 business sites there.

Profit after tax rose 25.7 percent to 152 million Swiss francs last year from 2010 and operating profit increased 21.7 percent to 238 million francs.

Net sales rose 0.6 percent to 7.3 billion francs.

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GREECE

Swiss stocks fall amid Greece uncertainty

Swiss stocks fell sharply on Monday in line with drops in other European markets as failure to form a Greek government at the weekend stoked concerns over the eurozone debt crisis.

The Swiss Market Index (SMI) dropped 1.36 percent to 5,873.84 points in midday trading, its lowest point since December.

“The stock markets could remain under pressure this week and will be sensitive to news from Greece,” said analysts at Hyposwiss bank who forecast a Greek exit from the eurozone “sooner or later.”

The Zurich Cantonal Bank said meanwhile that the possibility of a new round of elections in Greece could maintain pressure on stocks until mid-June.

Equities sank across Europe on Monday and the euro tumbled to its lowest point since January as Greek president Carolos Papoulias prepared for more talks aimed at breaking a political deadlock.

On May 6th, Greek voters delivered a sharp rebuke to mainstream parties that negotiated a second financial rescue by the European Union and International Monetary Fund, but which imposed tough austerity measures.