US-based NetSol Technologies, a global business services provider, yesterday said it cross-listed its shares on the Dubai International Financial Exchange (DIFX).
NetSol's shares will be listed on both the Nasdaq Capital Market and the DIFX, the company said in a statement.
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.
"Our dual listing on the DIFX supports NetSol's strategic mission to further expand our brand visibility and investor base in the UAE and the broader Middle East region," said Najeeb Ghauri, chief executive officer of NetSol Technologies.
"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," DIFX Chief Executive Per E Larsson said.
More than 3,000 companies are listed on Nasdaq.
"We hope more companies will follow Netsol Technologies' example to raise capital and attract investors on a global scale. By creating Nasdaq OMX we are now able to offer listing opportunities in the US, Europe and Middle East," Nasdaq OMX Corporate Client Group Executive Vice-President Bruce Aust said.
Dr Armen V Papazian, Senior Vice-President, Market Development, DIFX, said: "The DIFX provides many 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."
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.