Egypt’s Alexandria Mineral Oils Company (AMOC) wants to list shares on the Nasdaq Dubai bourse, Amwal Al Ghad reported.
The company will try to make the move after they have issued Global Depository Receipts (GDRs) on the London Stock Exchange (LSE).
In 2017, Nasdaq Dubai proposed that AMOC cross list some of its shares on the Dubai stock market, sources told Al Mal News.
Earlier in 2017, Chairman of Egypt’s AMOC, Amr Mostafa, said that the company was planning a secondary offering of 10-20% of its shares on the Egyptian Stock Exchange (EGX). It will also issue 10% of its shares as global depository receipts on the LSE, Africa M.E informed.
“I think AMOC will be the first company listed as part of the government listings program. The listing will come out of the principal shareholder’s share or from more than one shareholder’s shares,” Mostafa added, according to Reuters.
Offering shares on the Dubai exchange in addition to the EGX would give the company access to a larger pool of investors, Al Mal News reported.