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Oger cancels London debut

24 November 2006 By MEED Editorial

Dubai-based Oger Telecom, part of Saudi Oger, has cancelled plans for an initial public offering (IPO) on the London Stock Exchange, blaming volatile conditions on Gulf stock markets.

'Despite oversubscription throughout the price range, with good support from investors in the Middle East, in the light of increasingly challenging and volatile regional market conditions, the company and principal selling shareholders deemed that it was no longer advisable to proceed,' Oger said in a statement. ABN Amro and Citigroup were arranging the offering.

Both the Tadawul All-Share Index and the Dubai Financial Market have slumped over the past month (MEED 17:11:06).

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