Bank of New York Mellon Corp expects two more Qatari companies to complete global depositary receipt, or GDR, listings in London in the second half of the year, a senior bank executive said yesterday.
“We think there is the propensity for another two in the latter half of Q3, heading into Q4,” Bank of New York Mellon vice president of depositary receipts Peter Gotke told Zawya Dow Jones at a conference in Doha. Gotke said the lender is in discussions with both Qatari companies mulling GDR listings but declined to say what sectors the firms are involved in.
Qatari conglomerate Aamal Co said last Wednesday it would raise its free float from 0.3% to around 24% by offering GDRs in London-a move it hopes will boost liquidity and exposure to foreign institutional investors.
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