4th Aug 2025 11:01
(Alliance News) - Metlen Energy & Metals PLC shares rose on Monday as it started trading on the London Main Market, with a market capitalisation of EUR6.08 billion.
Athens-based Metlen has moved its primary listing to London, while retaining Athens as a secondary listing.
The reference price for its 129.0 million ordinary shares in issue was EUR47.16 per share, which was the closing price of Metlen SA shares in Athens on Friday.
Shares in Metlen were up 2.2% to EUR48.20 in London on Monday morning.
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.
As part of its listing, Metlen Energy & Metals PLC has replaced Metlen Energy & Metals SA as the group's ultimate parent company, and the company conducted a share exchange programme to effect that change.
Last week, the firm reported the success of a tender exchange offer for all shares of Metlen SA which it did not already hold, with around 90% of Metlen SA shares tendered when the acceptance period ended on Friday.
Metlen said it plans to use its right of squeeze-out, which requires holders of the remaining 14.1 million Metlen SA shares to exchange their shares either for new Metlen shares or EUR39.62 in cash per share.
The company expects to join the FTSE UK index series in September, while its valuation makes it a possible contender for the FTSE 100 in the first quarterly review following the IPO.
By Michael Hennessey, Alliance News reporter
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