Al Noor Hospitals Says No Plans To Dual List In Abu Dhabi

Abu Dhabi-based Al Noor Hospitals has no plans for a dual listing in the local market, the company’s chief strategy officer said.

“We have absolutely no plans to dual list right now,” Sami Alom said in an interview with Gulf Business.

Al Noor, one of the largest healthcare providers in the UAE, floated its shares on the London Stock Exchange in 2013, raising around $342 million. The company’s share prices have almost doubled since its listing.

Alom’s statement about not dual-listing comes after another London-listed Abu Dhabi firm NMC said that it is looking to list in Abu Dhabi’s stock exchange by mid-2015.

Earlier this year, Abu Dhabi Securities Exchange chief Rashed al Baloushui said that most local firms listed in London have agreed to dual list in the capital.

Al Noor Hospitals, NMC Healthcare and Gulf Marine Services are the three local firms that are currently listed in the London exchange.

Dual-listings from such successful local firms could have been a boost to the Abu Dhabi bourse, which suffered in the wake of the financial crisis in 2011 with listings drying up.

The investor sentiment had picked up last year following the UAE’s MSCI upgrade, prompting more firms to consider going public in the UAE and Gulf.

But listing plans could suffer a setback after Abu Dhabi-based firm Massar Solutions announced on Sunday that it might postpone its planned initial share sale, since it failed to secure ample investor backing during the subscription period.

The company, which would have been the first listing in Abu Dhabi since 2011, was planning to sell a 40 per cent stake provided by existing shareholders Invest AD, a local financial firm, and Abu Dhabi National Energy Co (TAQA) between January 11 and 25.

However, industry sources told a local daily The National that the IPO could be postponed until market conditions are more favourable.

Plummeting oil prices have contributed to volatility across the Gulf markets, leading to massive sell-offs by panicky investors in the later half of 2014.

As a result, experts say that many firms might postpone their listing plans until oil prices stabilise and market conditions improve.