Starting what could become a trend amongst other Pakistani tech companies, Netsol has been approved for a dual listing on the Dubai Stock Exchange (DIFX) under the symbol, NTWK. This is the same symbol the company uses for trading on the Nasdaq (US). Saleem Ghauri, the CEO of Netsol, believes this move will allow the company to broaden its investor base; we certainly agree. A Netsol subsidiary is already traded on the Karachi Stock Exchange as well. Seems like Netsol is broadly diversified, especially for the relatively small capitalization it has currently.
The net-result of the Dubai listing remains to be seen, but it is well known that the management of the Dubai bourse has been very keen to get foreign stocks listed. They will probably exhaust all possibilities to ensure that the first few companies that make the move become ‘lighthouse’ symbols and do very well. And hey, what’s a few dozen million for the country that has the world’s largest sovereign fund? Yes, Abu Dhabi, the capital of the UAE now has a sovereign fund managing in excess of $1 Trillion (correct, One Trillion with a T) dollars.
Let’s see what the future holds for NTWK on the Dubai bourse! We predict it’s going to be good.
NetSol dual-listed for trading on DIFX
RECORDER REPORTLAHORE (June 07 2008): The NetSol Technologies Inc has become dual-listed for trading on the Dubai International Financial Exchange (DIFX) after its name was approved for trading under the symbol NTWK.
NetSol Technologies Ltd President, Salim Ghauri said the approval reflected the globalisation of their business and served as an excellent complement to the existing trading liquidity of shares on Nasdaq.
Ghauri said that NetSol has already maintained an impressive presence in Saudi Arabia where it has a major blue chip customer. With the listing of NetSol with DIFX, the company will create new opportunities in the Middle East during the days to come, he added.
He said that NetSol is the first United States-listed company to go live with a dual listing on the DIFX. “It will help broaden our investor base within this dynamic region, as well as increase our brand visibility within the international markets,” Ghauri said adding the secondary listing of NetSol on the DIFX will bear similar reporting and disclosures requirements as in the United States. He said that NetSol plans to expand its business in the fast growing UAE market and the broader gulf region by introducing its enterprise solutions and services.