FTSE 250 gold mining firm Centamin Egypt has announced a major shake-up which will put in place a new parent company called Centamin PLC - incorporated in Jersey (the 'Redomicile') - on the London Stock Exchange.
"The Redomicile will not result in any changes in Centamin's management, operations or strategy and the Centamin plc Shares will trade under the same symbols (LSE: CEY, TSX: CEE) as the Centamin shares trade at present," the firm said.
The group said that Centamin Egypt is current located in Australia and due to its current operations and expansion plans, the board decided that the Centamin PLC will "better position the group to realise its strategic goals".
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The board believes that the relocation will: position itself in the EMEA region (Europe, Middle East and Africa) where its operations are currently based: give it a more international presence; give the potential for further international investor interest; provide it with the "potential to create a more flexibe global structure."
Centamin Egypt's chairman Josef El-Raghy said, "The proposed Redomicile will move the Centamin Group closer to the majority of its shareholders and will complete the Group's corporate transition from a small Australian based explorer to an established and growing gold producer."
The new parent company, which includes Centamin Egypt and its subsidiaries, is expected to replace Centamin Egypt on the FTSE 250 index be early 2012.
BC
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