May 20 Nostrum Oil & Gas LP, a
Kazakhstan-based oil and gas explorer and producer, said it
planned to apply for moving its listing to London Stock
Exchange's main market and for inclusion on an FTSE index.
The company, whose global depositary receipts (GDR) have
been trading on the London Stock Exchange since 2008, said the
premium listing and index inclusion would enable it to broaden
its investor base and increase liquidity of its securities.
Nostrum, earlier known as Zhaikmunai, has a market
capitalisation of about $1.8 billion. But its GDRs have
significantly underperformed the FTSE-100 Index, losing
about 26 percent since the beginning of the year.
The company also said it would apply to list its ordinary
shares on the Kazakhstan Stock Exchange.
Nostrum's GDRs were trading up about 1 percent at $9.70 in
thin trade on Tuesday morning.
(Reporting by Roshni Menon; Editing by Gopakumar Warrier)