# CRH shareholders back primary listing switch to New York from London
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-08
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: CRH Shareholders Approve Move to New York from London
Meta Description: CRH shareholders back plan to move primary stock market listing from London to New York, CEO cites 'significant benefits' including tax advantages
URL: https://financedigest.com/crh-shareholders-back-primary-listing-switch-to-new-york-from-londonhtml

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By Graham Fahy

DUBLIN (Reuters) – CRH shareholders on Thursday approved a plan to move the building materials company’s primary stock market listing to New York from London, with CEO Albert Manifold predicting “significant benefits” from the switch.

More than 95% of shareholders at an extraordinary general meeting backed the move by the Dublin-based company.

CRH is the [largest building materials supplier in the United States and generated about 75% of its core earnings there last year](https://www.financedigest.com/synechron-partners-with-r3-in-one-of-the-largest-distributed-ledger-consortium-projects-of-the-year.html "Synechron Partners with R3 in One of the Largest Distributed Ledger Consortium Projects of the Year").

CEO Albert Manifold said the move would help CRH benefit from large U.S. government spending programmes and open up [tax advantages in future](https://www.financedigest.com/investors-often-ignore-capital-gains-tax-but-should-consider-selling-now-to-avoid-a-higher-future-tax.html "Investors often ignore capital gains tax, but should consider selling now to avoid a higher future tax") mergers and acquisitions, helping it achieve a “higher vector of growth.

We see significant [benefits by representing ourselves to be truly an American company,”](https://www.financedigest.com/the-benefits-of-investing-in-healthtech-and-medtech-companies.html "The Benefits of Investing in Healthtech and MedTech Companies") Manifold told journalists after the meeting.

This leaves us at last on a level playing field with our competitors over there in what is a very [competitive market.”](https://www.financedigest.com/magazine-the-uk-property-market-with-competition-high-speed-is-everything.html "The UK property market: with competition high, speed is everything-Magazine")

The company switched its primary listing to London from Dublin more than a decade ago and will now de-list from Dublin completely.

As part of the New York move, the company’s shares will migrate from premium to a standard listing on the LSE.

Britain’s appeal as a [global financial](https://www.financedigest.com/leading-global-trade-finance-specialist-becomes-adviser-to-gfg-alliance-firm-wyelands-capital.html "Leading global trade finance specialist becomes adviser to GFG Alliance firm, Wyelands Capital") centre has lost its lustre as companies, such as UK chip designer ARM, have sought listings in rival hubs such as New York and after the country was largely cut off from the European Union by Brexit.

British biopharmaceutical company OKYO Pharma in April announced plans to scrap its London listing and move its [shares to New York while shareholders at betting](https://www.financedigest.com/asia-shares-lifted-by-fed-pause-bets-china-real-estate-retreats.html "Asia shares lifted by Fed pause bets; China real estate retreats") company Flutter Entertainment have backed plans for an extra listing in the United States.

(Reporting by Graham Fahy; writing by Conor Humphries; editing by David Goodman and Jason Neely)


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