The Greek energy and metals company Metlen is poised to join the U.K.’s prestigious FTSE 100 index just one month after listing on the London Stock Exchange, according to a preliminary report from index manager FTSE Russell.
The report, released Tuesday, indicates Metlen is likely to replace construction firm Taylor Wimpey Plc in the index of Britain's largest listed companies.
The final decision will be based on stock prices at the close of trading on Sept. 2, with an official announcement expected on Sept. 3.
Metlen, which is active in renewable energy and aluminum production, shifted its primary listing from Athens to London on Aug. 4.
With a market capitalization of approximately €7 billion, it is one of the first companies to benefit from new rules allowing euro-denominated stocks to be included in U.K. indices.
Inclusion in the FTSE 100 is expected to automatically boost demand for Metlen shares from passive investment funds that track the index.
Evangelos Mytilineos, Metlen’s chairman and CEO, called the expected move a "historic moment" and a sign of confidence in the company's growth.