Sphere Investments Ltd (Sphere), an Australian Stock Exchange (ASX) listed company with iron ore interests in Mauritania, West Africa, today listed its ordinary shares on the Dubai International Financial Exchange (DIFX). It is the fourth mining company to list shares on the region’s international stock market and the first in the iron ore sector.
Sphere, in partnership with Mauritania’s iron ore producer, Société Nationale Industrielle et Minière (SNIM), is 50/50 joint owner of an iron ore pellet project in Mauritania.
They signed a Memorandum of Understanding with Saudi Basic Industries Corporation (SABIC) and Qatar Steel Company in March 2007 to develop the Guelb el Aouj project as part of a new iron and steel consortium.
Alexander Burns, Managing Director of Sphere, said: “Sphere’s listing on the DIFX is significant in that we now have a new financial base that reflects our regional focus and that of our Arab partners in Mauritania and the Gulf.”
Per E. Larsson, Chief Executive of the DIFX, said: “This listing of an Australian company with assets in Africa and business interests in the Middle East underlines the role of the DIFX as a gateway linking its region with the rest of the world. The DIFX is an ideal listing platform for both international and regional issuers, as it provides strong links to international and regional investors.”
Sphere is the 11th company to carry out an equity listing on the DIFX and the fourth from Australia. Its shares are listed on the ASX (Code: SPH) as the primary market with a market capitalisation of US$400 million.
Under the Memorandum, SABIC and Qatar Steel are to acquire 34.9% and 15% respectively of the shares in a new Mauritanian company established to develop the $1.5 billion project, which aims to export seven million tonnes a year of high grade direct reduction (DR) iron ore pellets from 2010 to the Middle East and North Africa to produce steel.
Hamed Ali, Executive Officer of the DIFX, said: “The DIFX has listed companies in many sectors, from gold mining to finance and from pharmaceuticals to sugar. We look forward to expanding our range of listings by sector and geography.”
Investors can easily trade Sphere’s shares on either the DIFX or the ASX through a settlement link created by the share registry Computershare.
About DIFX
The DIFX is the region’s first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 18 Members – ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Bonds – DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).
The regulator of the DIFX is the Dubai Financial Services Authority (DFSA). The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
GROUPE SEB RECORDS 9.8% SPURT IN SALES TO AED 6.23 BILLION IN H1 2007
World leader in cookware & small domestic appliances seeks to consolidate in MENA region
The world leader in small domestic equipment, Groupe SEB announced continued growth in its business in the first six months of 2007, in a generally expanding small domestic equipment market. At AED 6.23 billion (€1,231 million), sales were up 9.8% for the period.
“We have grown on the back of organic growth (excluding changes in scope of consolidation and exchange rates) that remained robust, at 9.7%, and that compares to an already strong first-half 2006,” said Rodolphe Lavoise, Export Development Director, Groupe SEB.
“Sales reflected higher volumes, an improved product mix and higher average selling prices. They were led by a few blockbusters, such as cookware, hair dryers, breadmakers and new vacuum cleaner models, as well as by the upturn in several European markets and the Group’s sustained international expansion, especially in South America and in the other countries,” remarked Mr. Lavoise.
The Middle East and North Africa region offers great potential for Groupe Seb’s products. The economic growth the region has been experiencing coupled with the boom in home and property ownership will definitely see Groupe SEB products consolidating their already established market leadership.
Groupe SEB operates in more than 120 countries through its prestige brands - All-Clad, Arno, Calor, Krups, Lagostina, Mirro, Moulinex, Panex, Rowenta, Samurai, Seb, Tefal and WearEver - and has 13,800 employees.
