Electronics Production | March 23, 2007
Elcoteq`s domicile moves<br>from Lohja to Luxemburg
Elcoteq`s board has decided after voting, that the company's domicile will be transferred from the city of Lohja in Finland to the Grand Duchy of Luxembourg.
The transfer is currently expected to take place on January 1, 2008. Before the proposal was put to the vote, President and CEO Jouni Hartikainen described the background, reasons, implications and process concerning the transfer of domicile. He also noted that Elcoteq had received a statement from the Luxembourg authorities to the effect that the company does not need to pay capital duty in conjunction with the transfer; this would have amounted to 1% of the company's net assets.