Sun, Jun 06, 2010
New Home For Garmin Parent
Garmin Ltd. has received approval from the Grand Court of the
Cayman Islands of the pending change of place of incorporation of
its group holding company from the Cayman Islands to Switzerland.
Garmin expects that all the conditions to closing of this
transaction will be met and that it will complete the transaction
prior to the opening of the NASDAQ market on June 28, 2010.
The original parent company of the Garmin group was Garmin
Corporation, a company incorporated in Taiwan. Under the legal
framework of Taiwan at the time of Garmin’s initial public
offering in 2000, it was not practical for Garmin Corporation to
offer its shares in the United States. Therefore, Garmin Ltd.
was formed in the Cayman Islands in July 2000 as a holding company
for Garmin Corporation in order to facilitate the listing of its
shares on the NASDAQ stock market in the United States.
“Following a thorough review, we have determined that it
is in the best interest of Garmin and its shareholders to change
the jurisdiction of incorporation of our group parent company to
Switzerland,” said Dr. Min Kao, chairman and CEO of Garmin
Ltd. “Switzerland is centrally located in Europe in close
proximity to our major Western and Eastern European
“Garmin’s footprint in Europe has grown
considerably, through the acquisition of our distributors in ten
European countries during the last four years, plus our recent
establishment of an office in Poland. The Swiss office will
provide a base for expansion of certain corporate functions in
Europe and a more favorable structure from which it would be
possible to acquire or partner with European businesses. We
believe that the change of our jurisdiction of incorporation will
enhance our global business operations and reputation consistent
with our status as an international company with significant
operations in Asia, North America, as well as Europe.
Switzerland also offers a well-developed corporate, legal and
regulatory environment with an extensive network of tax treaties
with other countries,” said Kao.
Upon completion of the transaction, the Garmin group holding
company will continue to be subject to SEC reporting requirements,
and its shares will be listed on the NASDAQ Global Select Market
under the symbol “GRMN,” Garmin’s current trading
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