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Date: Friday 28 Mar 2008

LONDON (ShareCast) - This week saw a number of foreign companies express their interest in a London listing.

Dubai-based interiors contractor Depa plans to list its global depositary receipts on the London Stock Exchange and its shares on the Dubai International Financial Exchange.

The group, which operates principally in the luxury fit-out sector, said it intends to use the proceeds of the offering to establish new joineries and finance acquisitions.

“The listing is the next step in our development as we look to exploit strong expansion opportunities across the fast growing developing countries of the MENA and South Asia region,” said chairman Abdullah Al Mazrui.

“Economic growth has fuelled the number of construction projects in the hospitality, residential and commercial property sectors and this gives us a highly visible and high quality project pipeline. Consequently we see this as an appropriate time to approach both regional and international investors to participate in that opportunity and our company's future,” he added.

One of Russia’s largest food retailers, Magnit, has announced plans for a secondary listing in London to fund expansion.

The offer of 11.3m global depository receipts (GDRs) over here by Deutsche Bank and Morgan Stanley could raise about $552m.

It already raised $368m in a domestic initial public offering in April 2006 that saw the firm offload 19% of the company at $27 a share.

Shares of Magnit, which was founded in 1994, have rallied 80% since the IPO. The group was initially set up as a wholesale distributor of perfumery, cosmetics and household chemical goods and moved into the grocery retail market in 1997.

The company opened its first three superstores last year and expects to open 18 more this year, then eight each year after that.

Kazakh oil and gas group Zhaikmunai raised $100m on London’s main market via an offer of global depositary receipts at a price of $10 each.

The offer price was well below the $13-$16 indicative price range first given in November.

The offer represents about 9.1% of the enlarged equity of the business and values the enlarged group at $1.1bn.

“The listing will help Zhaikmunai to achieve its goals of increasing oil production, improving the existing reserve base, exploiting our gas reserves and developing transport links,” said Frank Monstrey, chairman of the general partner of Zhaikmunai.

Heritage Oil Corporation said its Jersey-incorporated proposed parent company Heritage Oil Limited plans to list on London’s main market.

Heritage intends to delist its existing shares from the Toronto Stock Exchange and at the same time, obtain a listing for the exchangeable shares on the TSX and the London Stock Exchange.

Heritage is also proposing to conduct a split of its shares by a factor of ten, with the result that each existing Heritage share will be exchanged for either ten Heritage Jersey Shares or ten Exchangeable Shares.

Admission is expected to occur on 31 March 2008.

“We believe that the reorganisation and a London listing are in the best interests of Heritage and our investors,” said chairman Michael Hibberd.

“We also expect increased trading liquidity and access to an international market with a broad, relevant peer group and considerable research expertise,” he added.