Islamic bank BLME says to seek Nasdaq Dubai listing

Reuters Middle East

DUBAI, Sept 16 (Reuters) - Bank of London and The Middle East (BLME), Britain's largest standalone Islamic bank, plans to seek a listing on the Nasdaq Dubai bourse, the bank said on Monday.

BLME said it would offer 195.7 million shares and expected a listing price of $2.57 each, implying a share sale worth $503 million. No new shares would be offered; the shares would be sold by existing holders.

Chief executive Humphrey Percy said he expected the listing to occur in October this year. The last listing in either of Dubai's stock markets occurred in early 2009, when construction firm Drake & Scull listed.