 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
Rusal says Hong Kong IPO restriction no problem
Hong Kong (AFP) Jan 11, 2010 UC Rusal executives said Monday they are not concerned about restrictions that limit the aluminium giant's upcoming Hong Kong share sale to institutions and so-called professional investors. The city's market watchdog, the Securities and Futures Commission, slapped a condition on the 2.6 billion US dollar sale that requires a minimum investment of one million Hong Kong dollars (130,000 US dollars). The rare stipulation was reportedly aimed at discouraging smaller investors from debt-laden Rusal's complicated offering later this month. But the condition is largely irrelevant, said Artem Volynets, Rusal's deputy chief executive of strategy and business development. "Our primary sources of capital are the investment funds who understand our industry well," he told a press conference in Hong Kong. "We don't see any potential downside in demand." The world's largest aluminium producer has said it secured four key investors for the share sale: Malaysian-Chinese tycoon Robert Kuok, New York hedge fund Paulson & Co., European banking family scion Nathaniel Rothschild and Russian state development bank Vneshekonombank, or VEB. The group's investment will account for 40 percent of the offering, Volynets said Monday. Rusal has renegotiated its crushing 16.8 billion US dollar debt with creditors -- a key concern for Hong Kong regulators -- on favourable terms, Volynets said. "We are very confident that we'll reach our debt reduction target," he said. Metal prices are on the rise amid stronger demand in the company's key transport and construction markets, he added. Volynets said it was "inconceivable" that the industry would see a repeat of the global economic crisis, which pounded metal prices. The executive also dismissed suggestions that Rusal and Chief Executive Oleg Deripaska -- who has been dogged by unproven allegations he is linked to organised crime -- shopped around for an exchange that would allow it to list. A metal hungry Chinese market was the key driver, he added. "The reason for us to be in Hong Kong is primarily strategic. We want to become a household name for Chinese customers." Rusal shares will be priced on January 22 with trading expected to begin on January 27.
Share This Article With Planet Earth
Related Links Global Trade News
China cements export lead with December surgeBeijing (AFP) Jan 10, 2010 China's exports surged 17.7 percent in December to snap a 13-month falling streak, the government said Sunday, cementing the Asian power's new status as the world's biggest exporter. Exports hit 130.7 billion dollars during the month as global trade perked up, bringing China's full-year export figure to 1.20 trillion dollars, according to figures from the General Administration of Customs. ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook