Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) announced that trading on its global depositary receipts (GDRs) on the London Stock Exchange (LSE) has commenced on Thursday, 18 October.

The state-run firm has issued 50,000 GDRs on the LSE, AMOC said in a statement to the Egyptian Exchange (EGX).

In February, AMOC revealed it was considering floating a stake of its shares on the Nasdaq Dubai exchange, following the completion of listing on the LSE to issue GDRs.

In December, the Financial Regulatory Authority (FRA) had approved the issuance and listing of AMOC’s GDRs on the LSE.

The maximum limit of AMOC's GDR issue is one-third of the company's stocks valued at EGP 861 million and should not to exceed its 38.78% stake of free-float stocks on the EGX, the company stated previously.