Merrill Lynch To Act As DIFX Market Maker

by Carla Johnson, Investors Offshore.com

14 February 2007

Merrill Lynch and the Dubai International Financial Exchange (DIFX) have announced that the former has agreed to provide continuous buy and sell prices for Hikma Pharmaceuticals plc on the DIFX, to provide liquidity in the company’s securities.

Jeffery Culpepper, Head of Global Markets and Investment Banking, Middle East and North Africa region, Merrill Lynch, stated that: “We are delighted to be strengthening our involvement with the region’s international exchange through this commitment to make a market in Hikma. Market making is a proven method of encouraging investor confidence and participation on international exchanges around the world."

“Merrill Lynch has been a member of the DIFX since April 2006 and we look forward to further developing our activities in the region’s rapidly expanding capital markets."

Global depositary receipts issued by Hikma are listed on the DIFX. It is one of seven companies with equity listings on the exchange.

Per E. Larsson, Chief Executive of the DIFX, explained that: “Market making is a key part of our market model as it provides continuous liquidity to investors who want to buy or sell a security on the DIFX. We look forward to reaching further market making agreements as more securities list on the exchange.”

Hamed Ali, Executive Officer of the DIFX, added: “Merrill Lynch’s international reach and close links to the investor community provide great opportunities for regional as well as international capital markets participants. This market making agreement is a significant step forward for the exchange as it prepares to expand in 2007.”

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