Press releases 2005
LONDON STOCK EXCHANGE WELCOMES BANK MUSCAT AND INVESTCOM TO ITS MAIN MARKET
5 October 2005
The London Stock Exchange will this week welcome two new companies from the Middle East to its Main Market.
BankMuscat, the first company from the Sultanate of Oman to list in London, began unconditional trading today. Investcom, an international provider of mobile telecommunications services based in the Lebanon, is expected to commence conditional trading on the 6 October, with unconditional trading due to begin on the 11 October.
Martin Graham, the Exchange’s Director of Market Services said:
“We are delighted to welcome BankMuscat and Investcom to the Main Market. These listings demonstrate that world-class companies from the Middle East can use a London listing to access deep pools of international capital, and take their place amongst a truly global peer group. As the world’s most internationally-focussed equities exchange, we look forward to more companies from this vibrant region joining our markets in the near future.”
BankMuscat raised a total of US$ 163 million by listing 6,878,765 Global Depositary Receipts (GDRs), with each GDR representing one underlying share.
Investcom propose to list 59,995,428 GDRs at price range of US$10.35 to US$12.35 per GDR. An additional number of GDRs of up to 15 per cent of the offer size and, consistent with market practice, will be made available if the over-allotment option is fully exercised. The final pricing of the shares is scheduled to take place at the close of business today.
In 2004, the London Stock Exchange attracted a total of 293 IPOs to the Main Market and AIM, accounting for 79 per cent of all IPOs in Western Europe. In the calendar year to the end of September 2005, a total of 69 companies have joined the Main Market raising a total of US$11.2 billion between them. In 2004, a total of 68 companies joined the Main Market raising a total of US$9.2 billion between them.
Citigroup acted as global co-ordinator for Bank Muscat and Investcom. It acted as sole bookrunner for BankMuscat and as joint bookrunners with HSBC for Investcom.
For further information, please contact:
Simon Wheeler Press Office +44 (0)20 7797 1222
Notes to editors:
To celebrate their listing on the Main Market, HE Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman, BankMuscat, today opened the London Stock Exchange’s markets by switching on ‘The Source,’ a specially commissioned artwork in the main atrium of the London Stock Exchange’s new building in Paternoster Square.
Mr Azmi Mikati - Chief Executive Officer, Investcom LLC will be opening the Exchange’s markets on the 6 October.
About the Market Opening ceremony:
The London Stock Exchange’s markets are opened by a selected dignitary or VIP, pushing a button and setting into motion “the Source” – a dynamic sculpture in the 7-storey atrium of the Exchange’s new headquarters at Paternoster Square.
The Source consists of 729 spheres, suspended on metal cables stretching the full height of the 32m, 7-storey atrium. Controlled electronically, each sphere moves independently, forming random shifting patterns or words, numbers and shapes fed in directly from the world's media.
Pictures of the market opening ceremony will be available from 9:30am (London time) on 5 October and 6 October. To obtain pictures please contact:
Simon Wheeler Press Office +44 (0)20 7797 1222
About the London Stock Exchange:
The London Stock Exchange is one of the world’s foremost equity exchanges and a leading provider of services that facilitate the raising of capital and the trading of shares.
The London Stock Exchange is the most international equities exchange by trading in the world and Europe's largest pool of liquidity. By the end of 2004, the market capitalisation of UK and international companies on the London Stock Exchange’s markets amounted to £3.5 trillion, with £4.7 trillion of equity business transacted over the year.
As of August 2005 there were 3,012 companies listed on the London Stock Exchange. Of these, 1,720 companies were on the Main Market, including 337 international companies and 1,292 were on AIM, including 175 international companies.
The London Stock Exchange is a Recognised Investment Exchange (RIE) under the Financial Services and Markets Act 2000 and is supervised by the Financial Services Authority.
About the Main Market:
The London Stock Exchange’s Main Market for established companies seeking international recognition is one of the world’s best known, longest established and most liquid markets. It is home to some of the world’s most successful companies, giving them access to one of the deepest pools of capital in the world.
BankMuscat is the largest banking entity in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 90 branches in Oman and a representative office in Dubai (UAE). The Bank has strategic stake in Centurion Bank, a new private sector bank in India and has recently set up BankMuscat International an independent banking entity in Bahrain.
For further information on Bank Muscat contact:
Bill Royce Burson-Marsteller +44 (0)20 7831 6262
Investcom is a leading international provider of mobile telecommunications services with operations in eight countries in Africa, the Middle East and Europe. The company’s mobile operations comprise the most significant part of its business, generating 88.1% of our consolidated gross revenues in the first six months of 2005.
In addition, the company provides international carrier service, principally through Med Net, its subsidiary in Monaco, fixed telephony services in the United Kingdom and telecommunications engineering and consulting services.
At the end of June 2005, Investcom's mobile operations had over 3.3 million subscribers.
For further information on Investcom:
Neil Doyle Capital MS&L +44 (0) 20 7307 5335
Claire Maloney Capital MS&L +44 (0) 20 7307 5341