Nasdaq Dubai proposed that Alexandria Mineral Oils Company (AMOC) cross list some of its shares on the Dubai stock market, sources told Al Mal News.
Offering shares on the Dubai exchange in addition to the Egyptian Stock Exchange (EGX) would give the company access to a larger pool of investors, Al Mal News reports.
AMOC has yet to reply to the offer, according to the sources, but a meeting between representatives of AMOC and Nasdaq Dubai will be held sometime during the next few days, the newspaper reports. An offering on the Dubai exchange will require the approval of the Egyptian Ministry of Petroleum and Mineral Resources.
The company listed an initial public offering (IPO) of 20% of its shares on the EGX in 2005. In February, the company announced that it was planning to offer an additional 10-20% of its shares in Cairo and 10% in London as Global Depositary Receipts (GDRs), Africa Middle East reports. The secondary offering was originally projected for the first half of 2017.
Earlier this month, AMOC announced that its profits had risen by 153% in fiscal year 2016/2017.