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Pakistan firms looking to list in UAE

Written by: Staff
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DUBAI, Sept 17 (Reuters) As many as 20 Pakistani firms could list on bourses in the United Arab Emirates after authorities in the two countries sign agreements on cross-listing, a Pakistani business association said on Sunday.

Pakistan Telecommunication Co. , Pakistan State Oil and United Bank are among companies considering listing in the UAE, an oil exporting federation that is a major investor in Pakistan.

The UAE's two domestic exchanges, the Dubai Financial Market and the Abu Dhabi Securities Market, will sign agreements on cross-listing rules this week with the Central Depository Co., which is owned by Pakistan's three exchanges.

Qaiser Anis, president of the Pakistan Business Council in the UAE, said as many as 20 Pakistani companies would take advantage of the agreement to list in Dubai and Abu Dhabi.

''Listing here means they can get some international exposure and boost the intrinsic value of their shares,'' Anis told Reuters.

Dubai-based Emaar Properties, the largest listed property developer in the Arab world, unveiled more than billion worth of projects in Pakistan in May.

Last year, Abu Dhabi-based Emirates Telecommunications Corp.

bought a 26 percent stake in Pakistan Telecommunications Co.

REUTERS DKS BD1412

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