OXO Technologies Looks for New HQ Elsewhere in EU

Innovation

Péter Oszkó, founder and manager of OXO Holdings. Oszkó also acted as Hungary's Minister of Finance between 2009-2010.

Photo by János Bugány/MTI

Listed OXO Technologies Holding on Friday said its board cleared the company to start looking for a new headquarters elsewhere in the European Union that provides its targeted investors "with a more familiar operating environment", according to a report by state news wire MTI.

OXO noted that it has begun to establish ties with investors in Western Europe and in Asia, and is expanding its staff abroad. OXO switched over from Hungarian Accounting Standards to International Financial Reporting Standards at the start of 2023, and is now doing its accounting in euros, not forints, it said.

The currency in which OXO's shares trade will be euros from February 15, 2023, it added.

The change of HQ does "not impact in any manner" the trade of OXO shares on the Budapest Stock Exchange, OXO said.

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