Cairo – Mubasher: Alexandria Mineral Oils Co’s (AMOC) listing on Nasdaq Dubai is forecast to take place sometime in early 2019, the company’s board chairman has said.
We are currently working on finalising all the papers and procedures required for the listing, Amr Mostafa Kamel told Emirati Al Bayan newspaper, noting that these procedures are likely to be completed by the end of this year or early next year.
Kamel also said that he will meet with Nasdaq Dubai’s chairman next week to discuss the listing, which will bring the Alexandria-based company closer to regional and international investors.
Earlier this week, AMOC said it was planning to float a portion of its shares on Nasdaq Dubai after completing the listing of its global depository receipts (GDRs) on the London Stock Exchange (LSE).
AMOC last reported a 36.6% year-on-year rise in profits to EGP 745.48 million for the first half of fiscal year 2017/2018 on the back of higher revenues, compared to EGP 545.7 million in the same period the year before.
The mineral oils company’s revenues nearly doubled to EGP 6.25 billion in H1-17/18 from EGP 3.2 billion in the year-ago period.
