- Pre-Market Indications

Wednesday, March 19, 2008

Iran oil bourse going public

Iran in talks over Dubai bourse listing

Iran in talks over Dubai bourse listing

Tehran is planning to list shares in a $90 billion energy holding company on the Dubai International Financial Exchange (DIFX), London-based MEED magazine reported late on Friday, citing unidentified sources in Iran.

It is also considering a European listing in Frankfurt, and a listing in Singapore, Hong Kong or Shanghai, to gain exposure to Asian investors, the magazine said.

Discussions between the Iranian Privatisation Organisation (IPO) and DIFX about preparing the initial groundwork for the listing are underway, it added.

One Iranian executive close to the talks said Dubai appears keen to move forward with the deal, despite concerns from US diplomats that the move would be seen as legitimising trade between the two countries, according to MEED.

"Talks have begun but no formal deals have been signed," the executive said. "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." (Reuters)

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