Investcom, an international mobile-telephone services provider, has become the first company to list its global depositary receipts on the new Dubai International Financial Exchange. Investcom raised about $750 million in its initial public offering, which was also listed on the London Stock Exchange, where it became the largest GDR by a Middle Eastern company.
The telecom firm has operations in eight countries in the Middle East, Africa and Europe, and it was recently awarded licenses to build and operate mobile-phone networks in Afghanistan and Guinea. The family of Najib Mikati, former prime minister of Lebanon, holds a controlling interest in Investcom. Mikati’s nephew, Azmi Mikati, is the CEO.
Investcom moved its headquarters from Luxembourg to Dubai ahead of the IPO, which was managed by Citigroup and HSBC. The company selected The Bank of New York as depositary for its dual GDR listing.
“We are happy to be working with Investcom on this transaction, particularly as it brings depositary receipts to a new part of the world,” says Christopher Sturdy, managing director and head of The Bank of New York’s DR division. He says the bank will be helping the company to increase its international profile.
The Dubai exchange opened on September 26, when Deutsche Bank listed five equity index-tracking certificates, but Investcom is the first company to list shares. The exchange says it aims to provide access to international capital for many family-owned businesses in the Middle East.