Egypt’s AMOC says to seek Nasdaq Dubai listing

Egypt’s Alexandria Mineral Oils Co. (AMOC) plans to seek a listing on the Nasdaq Dubai bourse, the company said on Monday.

AMOC’s board of directors discussed listing some of the company’s shares on Nasdaq Dubai after the completion of issuing Global Depository Receipts (GDRs) in London Stock Exchange, the company said in a bourse filling.

The Egyptian oil company announced last year plans to launch a secondary offering of 10-20 percent of its shares on the Cairo stock market and to issue 10 percent as global depositary receipts in London.

The company first floated on the Cairo exchange in 2005 and around 20 percent of its shares are currently listed there.

President Abdel Fattah al-Sisi’s office said in January that Egypt plans to list shares in state-owned banks and other companies on the stock market as part of moves aimed at jump-starting investment and boosting the economy.

AMOC’s Chairman Amr Mostafa said during an interview with Reuters last year that his company would probably the first company listed as part of the government listings programme.

AMOC’s biggest shareholder is state-run Alexandria Petroleum Co. with a 20 percent stake. Two other state oil companies each own 3.6 percent stakes and various banks and investment funds own 52 percent of the company.