DIFX Delays Launch, Unveils Flexible Listing Rule
In an interview with Gulf News this week, chairman of the Dubai International
Financial Centre (DIFC), Anis Al Jallaf announced that the launch of the Dubai
International Financial Exchange (DIFX) has been postponed from the first quarter
of 2005 to the third. He also revealed that the exchange will be regulated in such a way as to allow
companies which list on it to determine the portion of shares that they want
to offer to the investing public. "If companies aspiring to list on DIFX want to offer only 10% of...shares
to the public, they will have a free hand to do so. If they want to offer 75
percent, they can very well do that too. We will not dictate (to) the firms
on the level of public offering." According to Gulf News, this flexibility is designed to encourage family-owned
businesses and government entities discouraged by the current UAE lower listing
limit of 55% to list on the bourse. A comprehensive report describing the thirteen offshore stock exchanges, their specialisations and regulatory structure, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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