KAZAKHMYS, the world’s 10th largest copper miner, said yesterday it plans to complete a secondary listing in Hong Kong by the end of June, a move that will boost its presence in China – the world’s biggest copper importer.
The company said it has filed a prospectus with the Hong Kong Stock Exchange, and added that it will consider issuing new shares to assist liquidity.
“This secondary listing will provide the company with an additional channel to raise capital in the future and gain access to a wider range of institutional and retail investors,” Kazakhmys said in a statement to the stock market.
“The listing will enhance the company’s profile in China and in Asia generally and thereby benefit the company’s long-term growth and development,” it added.
In October, the company said a listing in Hong Kong would be “natural” since the region is important for the company.
Kazakhmys sells the bulk of its products in Asia and it has formed a joint venture with China’s Jinchuan Group for its Aktogay project.
London-listed shares in Kazakhmys closed up 2.4 per cent at £12.42, giving the company a market cap of £6.49bn.
City A.M. Reporter