The African Export-Import Bank (Afreximbank) has put on hold its plan to list on the London Stock Exchange (LSE). This comes two weeks after announcing it would apply for an initial public offering (IPO).
Earlier this month, Professor Benedict Oramah, the President of Afreximbank, said that the bank would list on the London bourse in what was expected to be an IPO of Global Depositary Receipts (GDRs). Although no time frame was given for listing.
Despite receiving significant interest from prospective investors, the bank has decided to postpone the listing, citing unfavourable market conditions. But it would still monitor the markets in order to determine the right time to list on the London bourse.
Read more at Reuters