More than 10 Pakistani firms to trade on ADSM

Abu Dhabi: More than 10 Pakistani companies are expected to list on the Abu Dhabi Securities Market (ADSM) in the first half of 2007, a top official said yesterday.

Rashed Al Baloushi, acting director-general of ADSM, told Gulf News that he expects listings of more than 10 Pakistani financial and telecommunications companies on Abu Dhabi's market in the next six months.

ADSM and Lahore Stock Exchange (LSE) signed yesterday a Memorandum of Understanding (MoU) that will pave the way for Lahore-listed companies to dual list on the Abu Dhabi bourse.

The MoU follows one signed by the ADSM and the Central Depository Company (CDC) of Pakistan earlier this year.

More than 2226 Pakistani investors are registered on the ADSM, with investments worth Dh45 million.

"Our agreement with Pakistan's CDC has been a huge success in setting the ground for further co-operation with Pakistan," Al Baloushi told a news conference.

"This agreement will make it possible for Pakistani companies to list on ADSM," Al Baloushi said.

Agreements such as these are attracting more international companies drawn to Abu Dhabi, and it will enable investors to spread their risks," he added.

New dimension

"We signed a custody agreement with an international bank, and through a number of other agreements with foreign exchanges, ADSM is now a gateway to financial markets in the region," Al Baloushi added.

Ibrar Mumtaz, President of the Lahore Stock Exchange, said there are many companies in Pakistan that want to list in the UAE and he looked forward to working with the ADSM to achieve this.

Dr S. Qaiser Anees, President of the Pakistan Business Council UAE said that the relationship between the UAE and Pakistan has been brotherly for a number of years.

"Agreements like these open up new dimensions of business in capital markets", he said.

The Pakistan Business Council arranged the MoU between the Lahore Stock Exchange and ADSM, hoping to develop the capital markets of UAE and Pakistan.