Galaxy puts IPO on hold

Townsville Bulletin - - Investor -

LITHIUM miner Galaxy Re­sources Ltd has post­poned its list­ing on the Hong Kong stock ex­change due to un­favourable fi­nan­cial mar­ket con­di­tions. The Aus­tralian stock ex­change-listed com­pany had planned the dual list­ing for the end of the cur­rent quar­ter. Shares in Galaxy were down 16.5 cents, or 13.2 per cent, at $ 1.085 yes­ter­day. Galaxy said in a state­ment that it had de­ferred a pro­posed ini­tial pub­lic of­fer ( IPO) in Hong Kong un­til fur­ther no­tice. Man­ag­ing di­rec­tor Iggy Tan said the de­ci­sion was pru­dent given se­ri­ous in­ter­na­tional events and re­lated mar­ket volatil­ity.

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