Virgin Media makes entry in London

Cable Company Virgin Media finally made an entry in London, getting a secondary listing on the London Stock Exchange. However, it would continue with New York's Nasdaq for main listing. The move is aimed at strengthening its shareholder base in U. K. and continental Europe and providing improved facility for local shareholders.

Virgin Media Chief Executive, Neil Berkett added: "Today's secondary listing represents an important step in broadening investor access to Virgin Media shares. Our London secondary listing will provide investors with an additional means of trading the shares, and will further enhance the profile of our business in the U. K. and Europe."

Shares of virgin media PLC opened with increase of 872p and were trading at 898 pence at 0720 GMT. Similarly, Nasdaq-listed stocks of the media firm were closed at $13.92.

Virgin group was founded by Sir Richard Branson and declared public in 1980. Currently, Branson holds 6.5% of Virgin Media, after significantly cutting its holdings earlier this year.