Markets Chinese stock listings in Europe face liquidity hurdle China’s ambitious plan to get its companies listed in London and Zurich stock markets needs fine-tuning, analysts say, as the sparse liquidity in traded Chinese companies there has created market arbitrage opportunities for investors. The Shanghai-London Stock Connect has seen only five Chinese companies issue global depository receipts (GDRs) in London in its four years […] April 20, 2023
Markets Saudi Tadawul profit down 35% as trading values halve Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, on Sunday reported a 35 percent decline in first-quarter profit, as the value of trading dropped by 50 percent and costs increased. The company reported a net profit after zakat of SAR 90.8 million ($24.21 million) for the first three months of this […] April 17, 2023
Markets Qatar set to launch derivatives exchange after new rules issued Qatar Stock Exchange (QSE) will move ahead with the plans to establish a derivatives exchange and central clearing counterparty after the country’s financial regulator issued a new regulatory framework for listed derivatives. The Qatar Financial Centre Regulatory Authority (QFCRA) issued the derivatives markets and exchanges rules (DMEX) 2023 after a three-month consultation with investors and […] March 28, 2023
Markets Oman’s OQ seeks bookrunners for gas pipelines $500m IPO Oman’s OQ Gas Network, the pipelines business of the sultanate’s state oil giant OQ, has invited banks to pitch for bookrunner roles in its planned initial public offering (IPO), two sources close to the matter told Reuters. OQ Gas Network is preparing for a public share sale that could take place as early as June, […] March 28, 2023
Markets Al Ansari raises $210m in IPO as order book nears $3.5bn UAE-based remittance and foreign exchange house Al Ansari Financial Services has raised AED773 million ($210.5 million) in its initial public offering (IPO) after setting the offering price at AED 1.03 per share. The order book stood at more than AED12.7 billion ($3.46 billion), meaning it was 22 times oversubscribed. Dubai-based Shariah-compliant savings scheme provider National […] March 27, 2023
Markets Egypt suspends sale of state-owned Telecom Egypt stake Egypt has decided to suspend the sale of a stake in state-controlled Telecom Egypt because of market conditions, three sources close to the matter said. Telecom Egypt said on March 7 that the government had started to consider a sale of an additional stake in the company. Sources had previously told Reuters the government was […] March 22, 2023
Banking & Finance Assets under management at ADGM rise by over 50% Abu Dhabi Global Market saw its assets under management increase by 56 percent year-on-year in 2022 as the authority became the fastest growing international financial centre in the region. Total licence issues for financial and non-financial firms increased by 30 percent from 4,262 companies in 2021 to 5,546 in 2022, according to figures released on […] March 20, 2023
Markets Saudi Arabia to introduce SPAC listings Saudi Arabia plans to allow special-purpose acquisition companies, also known as SPACs, to list on the kingdom’s bourse, a top official told a conference this week. These entities raise money through an initial public offering (IPO) and then use the proceeds to acquire other companies. SPACs were seen as a simpler, quicker and more effective […] March 17, 2023
Exclusive Markets Presight to use IPO as springboard to global expansion Big data and analytics company Presight is targetting international expansion once they have listed later this month. The firm, part of Abu Dhabi’s G42, plans to raise $495 million from its floating on the ADX. The subscription period for the initial public offering (IPO), which was 136 times oversubscribed, closed on Friday with a total […] March 17, 2023
Markets UAE exchange house Al Ansari seeks to raise over $210m in IPO UAE-based remittance and foreign exchange house Al Ansari Financial Services is seeking to raise up to AED772.5 million ($210.4 million) by listing on the Dubai Financial Market (DFM). Al Ansari, which announced an intention to float 10 percent of the company last week, will price its shares between AED1 and AED1.03, implying a valuation of […] March 17, 2023
Markets Bahrain’s VCBank lists Turkish F&B firm on Borsa Istanbul Bahrain’s Shariah-compliant Venture Capital Bank has listed Turkish food and beverage producer Goknur, its investee company, on the Borsa Istanbul exchange. A total of 79.25 million shares were offered to the public, which drew interests worth 6.9 billion liras ($364 million) and was 7.9 times oversubscribed. VCBank chief executive Robert C Wages said the market […] March 16, 2023
Energy Abu Dhabi’s Adnoc Gas shares up 18% on debut Shares of Adnoc Gas rose 18 percent above its listings price, as the state-backed oil giant made its debut on the Abu Dhabi stock market on Monday. The energy firm’s shares traded at AED2.8 ($0.7625), versus its initial public offering (IPO) price of AED2.37, according to Reuters. Adnoc raised $2.5 billion from the listing of […] March 13, 2023
Markets Egypt to initiate steps for listing two army companies Egypt will begin procedures on Wednesday to list army companies – National Service Projects Organisation (NSPO) and National Company for Natural Water in Siwa (SAFI) – on the country’s stock exchange, the cabinet said in a statement. “The offering process aims to maximise the value of the two companies and attract investors from the local […] March 13, 2023
Markets Japan’s ispace to list shares in Tokyo before moon touchdown Japan’s ispace Inc, which is aiming to be the first commercial company to land a probe on the moon, has announced an initial public offering (IPO) of its shares. The startup is authorised to list 200 million shares and will debut on the Tokyo Stock Exchange’s growth section on April 12, according to a release […] March 9, 2023
Analysis Markets Mena merger activity hits ‘unprecedented’ levels When Dubai-based headhunter Dulsco acquired Scottish energy personnel specialist Advance Global Recruitment this week, it was the latest deal in a mergers and acquisitions market that analysts say is growing at an “unprecedented” rate. The EY Middle East and North Africa M&A Insights 2022 report found that the Mena region – which historically records 500-600 […] March 8, 2023
Markets Salik reports H2 2022 profit of $144m as traffic levels recover Dubai’s toll gate operator Salik Company (Salik) reported a net profit of AED529 million ($144.02 million) for the second half of 2022. The period includes Salik’s concession agreement with the Roads & Transport Authority (RTA) until December 31, 2022. The board also proposed distributing 100 percent of Salik’s net profit for the second half of […] March 7, 2023
Markets Oman’s Abraj Energy set to raise $498m via 49% stake sale Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set its initial public offering price at 249 baizas per share, state-run Oman News Agency said. The company will, therefore, be valued at about $498 million. OQ is selling a 49 percent stake, equivalent to 377.39 million shares, of […] March 7, 2023
Markets Abu Dhabi’s G42 to list big data analytics arm Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange. Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company. Shares will be priced at AED1.34 […] March 6, 2023
Energy Adnoc Gas completes record-breaking $2.5bn ADX IPO Adnoc has raised $2.5 billion from the initial public offering of its gas business, recording the largest ever listing on the Abu Dhabi Securities Exchange. Five percent of the company, or around 3.84 billion shares, were sold at AED2.37 ($0.64) per share, in the upper half of a range that began at AED2.25, according to […] March 3, 2023
Opinion Markets Regional IPOs, the ‘cannibal’ factor and irrational exuberance The listing of Adnoc Gas for $50 billion reveals the strength of regional IPOs in the Gulf March 3, 2023
Markets UAE’s telco e& raises stake in UK’s Vodafone to 14% UAE-based telecom firm e&, formerly Emirates Telecommunications Group Company, has increased its stake in UK’s Vodafone Group to 14 percent. The Abu Dhabi bourse-listed company purchased a 9.8 percent stake in May 2022 and last month it upped its stake in Vodafone to 13 percent. The telco maintains that the move is aimed at obtaining […] March 1, 2023
Markets Dar Global shares rise on London debut amid lower volumes Shares in property developer Dar Global rose in a sluggish market debut on Tuesday, making this London’s first significant float since Ithaca Energy’s initial public offering (IPO) late last year. The stock opened at $3.55, up from the $3.33 paid by investors ahead of the float. By the close of trade, 27,500 shares had changed […] March 1, 2023
