Bahrain-based GFH Financial Group is planning to list shares on the Saudi stock market in the fourth quarter 2018 or first quarter 2019, Gulf News reported, citing company chairman Jassim Al Seddiqi.
The company, listed in Bahrain and Dubai, is currently in initial talks with a financial adviser and with Tadawul on a cross-listing, the newspaper added.
“Our discussions indicate that by the end of the year, it will be finalized,” Al Seddiqi said.
“We have a good investor base in Saudi [Arabia], we like the Saudi liquidity, and there’s no harm in listing in many different jurisdictions," he added.
GFH’s plan to list in Saudi Arabia comes after increased foreign investor interest in the Kingdom, supported by government reforms and expectations of a potential upgrade to MSCI emerging market index.
In March, Tadawul was included in the FTSE Russell emerging market index and will join the index from March 2019.
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