
Thursday, December 19, 2024 3:25:02 PM
Phoenix does fully intend on getting a Nasdaq listing at some point. This was confirmed by Sheharyar Haider Malhi (Phoenix CFO, TCRI director) during the Phoenix Q3 2024 conference call. I did not take notes while listening to a replay of the call so I am just going by what I can remember. When responding to a question regarding whether Phoenix has any plans to obtain a listing on Nasdaq, Malhi said "absolutely". He said it wasn't a top priority or the primary focus of the company at the moment. So the timeline of when they might apply is unknown.
Well, this certainly is an interesting development today involving TCRI's controlling shareholder (Munaf/Phoenix). Munaf Ali has now become CEO of Phoenix Group, and it appears that Phoenix intends on pursuing a dual listing on Nasdaq in calendar 2025.
Phoenix Group held a meeting of its Board of Directors today. Bijan Alizadeh resigned from his CEO position, and Munaf Ali was appointed to the position. If I had to take a semi-wild guess, I think this change was done primarily because Phoenix wants that Nasdaq listing. Munaf just seems like a more polished public speaker and arguably has more extensive connections in the global financial world, so it would seem to make sense to me that Phoenix would be better suited to have Munaf as the primary face/voice/leader of the company.
Similar to what I said about Carl Agren, the Wonder Valley project, and TCRI: At a minimum, I would think that the more exposure that Munaf Ali and Phoenix generate as a result of their pursuit of a Nasdaq dual listing, this should generate increased attention toward TCRI (as long as Munaf/Phoenix continue to have a connection/involvement with TCRI). The mystery continues.
From the Phoenix Group disclosure filing today......
Mr. Munaf Ali, a seasoned banker and Co-founder of PHX, has been appointed as the GCEO of the Group. Mr. Munaf Ali's extensive expertise in both traditional and digital finance is expected to play a pivotal role as Phoenix Group explores new opportunities for growth like dual listing opportunities on NASDAQ in 2025.
https://www.adx.ae/main-market/company-profile/disclosures?symbols=PHX&secCode=PHX
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