Australia's Citigold to list shares in Dubai on March 19

Citigold Corporation (Citigold), which controls Australia's richest goldfield, will list its shares on the Dubai International Financial Exchange (DIFX) on March 19, local daily Gulf News reported on Tuesday.

The shares of Citigold will be listed on DIFX on March 19 and trading will begin the same day. The shares that trade on DIFX will be the same pool of shares that trade on the Australian market, the report said.

The fact that the Dubai time zone is six hours behind Australian Eastern Standard Time means an extension of the trading day for Citigold shares, for the DIFX opens at 5:45 pm Australia time.

According to the report, Citigold will be the first company from the Asian-Pacific region to list on DIFX and the second gold miner to list on DIFX following Gold Fields of South Africa, which listed its shares on DIFX in November 2006.

The Board of Citigold "believes that this listing will allow petrodollar liquid investors, who have strong cultural links with gold, to add Australian gold shares to their investment portfolios.

This liquidity helped the Dubai gold industry to record almost 20 billion U.S. dollars worth of sales during 2006," Mark Lynch, Managing Director of Citigold, was quoted as saying.

"Dubai serves as an entry point for physical gold moving to India, the Middle East and Central Asia," he added.

Source: Xinhua