- CNTV English - CCTV News

Homepage > News > Biz >

New stock listings in MENA pick up, outperform global trend: report

05-06-2012 12:06 BJT

DUBAI, May 5 (Xinhua) -- Capital market in the Middle East and North Africa (MENA) saw in the first quarter Initial Public Offerings (IPOs) worth 82.8 million U. S. dollars, a year-on-year increase by the factor 3.8, Ernst and Young reported Saturday.

However, compared to the fourth quarter of 2011, the amount represents a 63 percent decrease. "In total, four regional new listings at stock markets came to market in the first quarter this year, the same number as in the fourth quarter of 2011," the Ernst and Young's Global IPO update report said.

"Two IPOs came to market in Saudi Arabia while one each was reported in Tunisia and Morocco respectively," the report said. " The largest issuance was of Saudi Takween Advanced Industries which raised 62.38 million U.S. dollars, followed by Tokio Marine Saudi Arabia that raised 16 million U.S. dollars."

The new listings Moroccan and Tunisian were Afric Industries SA, worth 3.11 million dollars, and the 1.31-million dollars-valued Hexabyte, respectively.

Phil Gandier, MENA Head of Transaction Advisory Services at global consultancy Ernst and Young, commented on the IPO development in the MENA region saying "even though we have seen an improvement in the performance of regional bourses, this has not yet translated into a consistent increase in regional IPO activity. "

Gandier referred to the positive development at stock markets in the Egypt and the Gulf Arab region in particular. Since Jan. 1 2012, the EGX 30 Index in Cairo advanced the most in MENA, gaining 36 percent. Dubai and Riyadh advanced 16.90 percent and 15.86 percent year-to-date amid higher trading volumes.

Nevertheless, the MENA region outperformed the global market in relation to IPOs. "Global IPO activity has fallen sharply in the first three months of 2012," the Ernst and Young's Global IPO update said. In the first quarter, a total of 157 deals worldwide has raised only 14.3 billion dollars, down by 69 percent by capital raised, compared to the same period last year, when 296 deals raised 46.6 billion dollars.

"This is the lowest quarter on record since the second quarter 2009 when there were 82 IPOs worth 10.4 billion U.S. dollars," the report concluded.


Editor:Bai Yang |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program