Dubai exchange tie-up teaches a hard truth
Dubai Financial Market is set to acquire rival exchange operator Nasdaq Dubai for $121 million. Borse Dubai, the state-owned majority shareholder in both companies has already approved the deal. Nasdaq OMX, having 33 per cent stock in Nasdaq, has also given its nod for the transaction.
The deal is expected to be finalized within six weeks and it would see transaction of $102 million in cash plus 40 million shares in Dubai Financial Market. Nasdaq Dubai was established in 2004 and the number of companies listed with it stands at around 20.
Nasdaq Dubai has been significantly impacted by recent financial developments and needs to take some hard steps to mitigate losses and put its financial health back on track. Meanwhile, the Dubai Financial Market and the Abu Dhabi Securities Exchange opened at
0.28 and 0.7 per cent respectively without registering any noticeable impact of the recent developments.
Other markets in the region remained underperformed due to slow pace of Dubai debt restructuring plans. The state conglomerate failed to build consensus despite remaining in touch with more than 90 lenders in its rent meet.
New Zealand News
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