Iranian Energy Holding plans listing on DIFX
Iran is planning to list shares in a US$90 billion energy holding company on the Dubai International Financial Exchange (DIFX). The main aim of the listing would be to attract international investment to Iran's struggling hydrocarbons sector.
According to the information, 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.
Quoting Iranian sources, MEED said discussions between the Iranian Privatisation Organisation (IPO) and DIFX about preparing the initial groundwork for the listing are underway.
It remains however unlikely that under the current regional tensions the Iranian listing would obtain the necessary clearance from the Dubai exchange.
Last Wednesday the Bush administration imposed financial sanctions on Bahrain-based Future Bank. The US alleges the bank is controlled by Iran's Bank Melli, which has been accused of providing support to Iran's nuclear program.
The US administration also has accused Iran of taking steps to evade a range of financial sanctions.
Future Bank was established in 2004 as a joint venture between two Iranian state-owned banks — Bank Melli and Bank Saderat — and a private bank based in Bahrain. Bank Melli and Bank Saderat were put on the United States' blacklist last year to have their financial assets frozen.
According to the MEED report one Iranian executive close to the talks says Dubai appears keen to move forward.
"Talks have begun but no formal deals have been signed," says the executive. "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."
According to the information, 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.
Quoting Iranian sources, MEED said discussions between the Iranian Privatisation Organisation (IPO) and DIFX about preparing the initial groundwork for the listing are underway.
It remains however unlikely that under the current regional tensions the Iranian listing would obtain the necessary clearance from the Dubai exchange.
Last Wednesday the Bush administration imposed financial sanctions on Bahrain-based Future Bank. The US alleges the bank is controlled by Iran's Bank Melli, which has been accused of providing support to Iran's nuclear program.
The US administration also has accused Iran of taking steps to evade a range of financial sanctions.
Future Bank was established in 2004 as a joint venture between two Iranian state-owned banks — Bank Melli and Bank Saderat — and a private bank based in Bahrain. Bank Melli and Bank Saderat were put on the United States' blacklist last year to have their financial assets frozen.
According to the MEED report one Iranian executive close to the talks says Dubai appears keen to move forward.
"Talks have begun but no formal deals have been signed," says the executive. "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."
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