Swedish firm delays DIFX listing

MARKET DELAY: Swedish energy firm Tethys Oil said on Thursday its listing on the DIFX had been delayed. (Getty Images)

Swedish energy firm Tethys Oil, said on Thursday its listing on the Dubai International Finance Exchange (DIFX) was delayed, but expected it would go through "soon."

The firm, which will be the first oil company to list on the exchange, said in May it expected to list this month.

"We are well on the way with the process and hope to have the listing sooner rather than later," Managing Director Magnus Nordin told Reuters.

"We had planned earlier this years," he said, adding that no date had been set.

The company expects to start producing natural gas in Oman in the second half of 2009 and hopes to use the listing as a platform to tap Gulf wealth to help finance expansion.

Tethys operates in Sweden, Spain, Turkey, France and Morocco.

Its shares are more than 16 percent down this month, but are up almost 18 percent this year.

The DIFX is the only exchange in the Gulf region open to issuers and investors from almost all nationalities and is aiming to fill a trading time gap between London and Singapore.

Nasdaq-listed NetSol Technologies Inc this week became the latest company to dual list on the exchange, while family-owned jeweler Damas International said on Wednesday it would list its shares on the DIFX. (Reuters)

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