The Dubai International Financial Exchange (DIFX) on Monday welcomed the listing of NASDAQ-listed Netsol Technologies Inc., a California-based IT company with extensive interests in the Middle East and Asia.
It is the first dual listing of any company on the DIFX as well as a US exchange, following Netsol’s listing on NASDAQ in 1999.
The same pool of ordinary shares is tradeable on both exchanges and investors can move the shares between them, using a link created through the DIFX and the share registry Computershare.
Commenting on the new listing, Per E. Larsson, Chief Executive of the DIFX, stated that: “The DIFX is a capital markets bridge between this region and the rest of the world, allowing issuers and investors to reach each other more easily. As a US company already listed on NASDAQ and with business interests in this region, Netsol is well placed to benefit from the close links between the DIFX and regional brokers and investors.”
More than 3,000 companies are currently listed on NASDAQ.
Dr Armen V. Papazian, Senior Vice President of Market Development at the DIFX observed that:
“The DIFX provides many unique advantages to issuers. It is the only exchange in this region that offers fungible dual listings with other exchanges and the only one with contractual market makers to provide liquidity. The DIFX is also the only exchange in the region with a broad mix of regional and international Members, including leading global investment banks.”
Bruce Aust, Executive Vice President of NASDAQ OMX Corporate Client Group, added: "By creating NASDAQ OMX we are now able to offer listing opportunities in the US, Europe and Middle East. We are very pleased that Netsol Technologies has chosen to expand their presence to additional NASDAQ OMX markets. We hope that more companies will follow Netsol Technologies' example in order to raise capital and attract investors on a global scale.”
NASDAQ OMX bought one third of the shares in the DIFX in February 2008. Two thirds of the shares in the DIFX are owned by Borse Dubai.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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