Mar 16 2008 |
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Iran 'plans to list $90b energy firm's shares on DIFX'
16 March 2008
Dubai: Iran is planning to list shares in a $90 billion energy holding company on the Dubai International Financial Exchange (DIFX) , the Middle East Economic Digest (MEED) magazine reported, citing unidentified Iranian sources.
DIFX officials were not available for comment on Saturday.
According to the report, the Iranian firm is considering a simultaneous listing on both DIFX and a European exchange in Frankfurt, in addition to listings in Singapore, Hong Kong or Shanghai, to gain exposure to Asian investors.
"Talks have begun but no formal deals have been signed. There is a preference on Iran's behalf that the Gulf exchange to host the shares will be in Dubai, but if it does not work out they will look elsewhere," the magazine said.
"With US exchange Nasdaq holding a significant stake in the DIFX , the US is likely to resist the Iranian overtures to the Dubai bourse," said a Dubai-based investment banker.
Lending dries up
Meanwhile, a number of Gulf banks, particularly those in the UAE, have significantly reduced or totally stopped lending to Iranian companies.
"There have been no instructions from the central bank or the UAE government regarding banks' exposure to Iranian businesses. But some banks as a precaution, have virtually stopped facilities to Iranian firms," said the trade finance head of a local bank.
With US imposing sanctions against Bahrain's Future Bank , Gulf banks are adopting caution. Sanctions were imposed on Future Bank last October after the US accused Iran's Bank Saderat and Bank Melli of supporting Iran's nuclear programme.
Bank Melli
and
Bank Saderat
each hold 33.3 per cent of the
Future Bank
's outstanding shares.
By Babu Das Augustine
© Gulf News 2008. All rights reserved.
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