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Fri 19 Aug 2011 10:33 AM

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UAE's Dana Gas picks banks to arrange London listing

Gulf's only listed natural gas firm seeks London listing to gain wider investor base, boost stock value

UAE's Dana Gas picks banks to arrange London listing
stock market

UAE energy firm Dana Gas has picked four banks to arrange its planned listing on the London Stock Exchange, Thomson IFR reported on Thursday.

The company has mandated Bank of America Merrill Lynch , Citi, Deutsche Bank and JP Morgan said IFR, a Thomson Reuters service, citing sources.

"A timeframe for when the offering could happen was difficult to give because of the uncertain global conditions," IFR said, adding that a stable September on global markets could see an issue come in October or November.

Dana, the Gulf's only listed natural gas company, said in April it would seek a London listing to gain a wider investor base and boost its stock value.

Dana, which last week reported a tripling in second quarter profits, has significant operations in the UAE, Iraq and Egypt, where unrest earlier this year affected operations.

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