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Boulder Steel Of Australia lists shares on DIFX to reach regional investors

PUBLISHED ON 15-May-2007
Boulder Steel Of Australia lists shares on DIFX to reach regional investors
Boulder Steel, an Australian company that is building a plant to make seamless tubes for the oil and gas industries in Australia as well as a seamless tube finishing facility in Sharjah (UAE), today listed its ordinary shares on the Dubai International Financial Exchange (DIFX).

Carl Moser, Director and General Manager of Boulder Steel said: “As the region’s international exchange, the DIFX is the ideal market for us to attract investors from across the Middle Eastern region. The exchange’s close links to retail and wholesale brokers make it an excellent platform for Boulder Steel as we expand our business.”

The company’s market capitalisation is about US$190 million and it is also listed on the Australian Stock Exchange (ASX) as well as exchanges in Germany. The DIFX will provide trading in the same pool of Boulder Steel shares as the ASX through a settlement link created by Computershare, the world’s largest share registry.

Per E. Larsson, Chief Executive of the DIFX, said: “The DIFX offers Boulder Steel high visibility and an increasingly liquid marketplace, through its expanding connections with investors, including the Computershare link. The exchange looks forward to more listings in coming months from regional as well as international companies.”

With Boulder Steel the DIFX now has nine equity listings, including depositary receipts as well as ordinary shares.

Boulder Steel products include seamless steel tubes and motor vehicle components. A seamless tube finishing line with a capacity of 250,000 tonnes per annum is to be built in the Hamriyah Free Zone in Sharjah, UAE. The Hamriyah plant aims to become a significant supplier of seamless tubes for the oil and gas industries in the Gulf region.

Hamed Ali, Executive Officer of the DIFX, said: “Many of the international companies that are interested in listing on the DIFX already have a business presence in the region, which makes them attractive to regional investors.

Equally, regional companies that list on the DIFX know that through it they can access international as well as regional investment.”

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