Icelandic pharmaceutical company Actavis is currently preparing to change the registrations of its stocks from Icelandic Krona to Euros. A proposal for the switch will be submitted at a stockholder meeting in the next few weeks.
The directors of Actavis have already met with the Iceland Stock Exchange (ICEX) and the Icelandic Securities Depository (ISD). Fréttabladid reports.
Actavis has done its accounting in Euros since 2003. CEO of Actavis Róbert Wessman said the stock currency change is a logical next step.
“Ninety-nine percent of our income is in foreign currencies. It is unfortunate that the total worth of the company is constantly fluctuating because the [Icelandic] Krona is fluctuating,” Wessman said.
According to Actavis, the company does not have to apply for permission from parties other than its own stockholders, and it is expected that the change will happen in the middle of 2007.
Wessman believes that the new policy will attract more foreign investors and that it will prove an advantage for Icelandic investors and stockholders.
