The Department of Economic Development has welcomed the news that the first Isle of Man company has been listed on the New York Stock Exchange (NYSE).
Last week Isle of Man-based international law and professional services group Cains supported Eros International, a leading global company in the Indian film entertainment industry in successfully listing its existing shares and launched an initial public offering (IPO) on the New York Stock Exchange.
Minister for the Isle of Man’s Department of Economic Development John Shimmin MHK said:
‘This is a further great endorsement of the Isle of Man's credentials as a capital markets listing centre and a testament to the quality of our commercial law firms. The fact that a well-known Indian brand has chosen to be the first to have the confidence in the Isle of Man to take it to a successful listing on the New York Stock Exchange is significant.
‘We are aware that foreign companies in some countries would favour a New York listing rather than London and it signals to others that the Isle of Man is now a successful route to doing this and therefore we hope that others will now follow.’
The Isle of Man has been a leader in providing solutions for market listings for several years for Indian and other foreign sourced listings on London's AIM market.
This is a reflection of the Isle of Man's expertise, user friendly company law, tax neutrality and competitive cost base along with its established reputation for quality service. The Isle of Man is also a recognised jurisdiction for the listing of other major companies globally, including such other stock exchanges as Singapore, Hong Kong, Toronto, Luxemburg and Dublin.