Bankers See More Asia, Middle East Dual Listings Like Olam in Singapore, Saudi - Bloomberg
Dual listings between the Middle East and Asia are expected to become a new trend as investment flows between the two regions rise, according to bankers.
The first such deal is already in the works. Olam Group Ltd., one of Asia’s biggest commodity traders, is planning to list its agribusiness unit in its home market of Singapore as well as Saudi Arabia in what it says would be the first listing of a global company in the kingdom.
The Saudi stock exchange has been particularly active in seeking to foster international ties, signing pacts with both the Hong Kong and Singapore bourses this year to cooperate in areas such as cross listings. The Persian Gulf’s initial public offerings market remains a bright spot after last year’s boom, drawing international investors amid a global listings drought.
“There is a growing interest among Abu Dhabi and Saudi Arabian shareholders for their internationally based companies either to grow into the Middle East or expand their customer target market into the region and ultimately to list in the Middle East,” said Samer Deghaili, HSBC Holdings Plc’s regional co-head of capital financing and investment banking coverage.
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