(Bloomberg) -- Metlen Energy & Metals SA aims to go public on the London Stock Exchange as soon as the first quarter, according to a person familiar with the matter, potentially moving forward its timeline for an overseas listing.
The Athens-listed company plans to file for a London listing by the end of this year, said the person, who asked not to be identified as the information is private. Deliberations are ongoing and no final decision has been made, the person said. Metlen declined to comment on the potential timeline.
The move by Metlen, which has a market value of about $5.3 billion, could help revive London’s status as a global listing destination after the city saw companies switching their main share listings to New York. Britain rolled out new rules last month allowing issuers that are not incorporated in the UK and have a recognized overseas listing to seek a second listing in the city in a bespoke category.
Metlen is Greece’s second-largest producer and supplier of electricity with an international portfolio of renewable energy projects of more than 11.9 gigawatts. It also trades and supplies natural gas, while operating the only vertically integrated bauxite, alumina and primary aluminum production business across the European Union.
Metlen in April said it’s considering a potential listing on an international exchange, including the London Stock Exchange, within the next 12 to 18 months given its “increasingly diversified geographical presence.” The company plans to keep its listing on the Athens Exchange, where it’s been listed since 1995. Citigroup Inc. and Morgan Stanley are the financial advisers to Metlen’s strategic review.
Chairman and Chief Executive Officer Evangelos Mytilineos is also president of Eurometaux, the European association for non-ferrous metals. Shareholders in June approved to change the company’s business name to Metlen from Mytilineos to better reflect its activities ahead of a potential foreign listing.
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