Drake & Scull mulls dual listing in Saudi
Riyadh, June 17, 2013
Dubai contractor Drake and Scull may consider an additional listing of its shares on Saudi Arabia's Taduwal bourse though the firm does not have any imminent plans for it, its chief executive said on Monday.
Tadawul is the largest market in the Gulf region, with much greater liquidity and trading volumes than other exchanges. Its market regulator amended listing rules in January last year to allow cross-listings, and the stock exchange said it would focus on attracting firms from elsewhere in the Gulf.
"It's a logical thing to do. I recognise there is a potential in the Saudi market," Drake chief executive Khaldoun Tabari told reporters in Dubai. He did not provide a timeline for any potential listing.
Drake, which specialises in mechanical, engineering and plumbing (MEP), has a unit in Saudi Arabia and about half of the company's project backlog is in the kingdom.
Also on Monday Drake and Scull launched its 'Investor’s outreach program' in collaboration with the Dubai Financial Market (DFM).
The program is dedicated to promote DSI‘s successful equity story and to highlight the company’s latest achievements, prospects and growth plans. The company’s focus week was inaugurated at the DFM trading floor.
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