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.
Tabari addressed an audience of over 60 brokers and investors providing details of the company’s latest developments and strategic highlights in an interactive presentation followed by a networking session.
DSI’s outreach programme is the latest in a series of Company Focus Weeks held by companies that are listed on DFM or Nasdaq Dubai. The programs are facilitated by the two exchanges, which share the same trading platform.
Tabari said: “We are pleased to launch this dedicated programme in collaboration with DFM. It’s a great opportunity to stimulate additional interest in our future prospects to maintain our capital base. Since our IPO in 2008, we remained focused on providing high quality, affordable integrated engineering services to our customers within the markets we service. ”
"As real estate and infrastructure development expands quickly in the region, DSI is poised for significant growth in the coming years. We are involved in many exciting projects and operations in the UAE, Mena, Asia, Africa and Europe that are driving the company’s progress," he stated.
"Company Focus Week is an excellent platform for us to showcase our latest achievements to a wide range of international audience while promoting capital markets activity in Dubai," he stated.
In his comments, Essa Kazim, the managing director and CEO of DFM, said: “The Company Focus Week is a key initiative that raises awareness of the UAE’s capital markets and the possibilities that they offer to institutional and individual investors, in the region and overseas. We are delighted to host DSI’s outreach programme in the interests of educating market participants and promoting dialogue between listed companies and the public."-Reuters and TradeArabia News Service