16th Dec 2024 21:53
(Alliance News) - Athens-based multinational Metlen Energy & Metals provided a boost to the London Stock Exchange on Monday by taking the first steps towards listing its shares in London.
The company, which currently trades on the Athens Stock Exchange, filed a draft listing prospectus with the UK Financial Conduct Authority for review.
The filing with the Financial Conduct Authority follows the conclusion of a strategic review by Metlen, announced in April of this year, which considered a potential listing on an international exchange, including the LSE, within the following 12 to 18 months.
"A primary listing in London, whilst retaining a secondary listing on the Athens Stock Exchange, reflects the increasingly diversified geographical presence of the Metlen group and its strategy to continue to deliver growth and value creation while seeking to offer enhanced liquidity to its shareholders," the firm said in a statement.
"I am delighted we have concluded our internal extensive strategic review and that the listing process in London has officially started," said Metlen's Chair Evangelos Mytilineos.
Mytilineos noted that Metlen has had a presence in the UK and international markets "for many years".
Metlen is expected to list some time in 2025. The group is currently valued at around EUR4.8 billion, making it a possible contender for the FTSE 100.
Metlen produces aluminium from its plant in Viotia, Greece, and produces electricity from assets including gas-fired power plants and solar and wind farms. In the UK, it is part of a consortium building an electricity cable between Scotland and north-east England.
The under pressure Square Mile saw another rare win on Monday when French film and TV company Canal+ made its market debut, the largest new London listing in two years.
By Jeremy Cutler, Alliance News reporter
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