Brazil’s Vale says it will list in Hong Kong
HONG KONG: Brazil's Vale said Sunday that it would list on the Hong Kong stock exchange this week as the mining giant looks to boost its presence in key Asian markets, including China.
Sao Paulo-based Vale, the world's second-biggest mining firm, said it would list about 652 million common shares and class A preferred shares on the financial hub's bourse Wednesday. The firm is not raising new money.
Vale shares will be traded in the form of Hong Kong-dollar depositary receipts, which mirror the miner's stock, the company said. Vale, which has a market capitalisation of about 176 billion US dollars, is also traded in Brazil, New York and Paris.
More than half the company's 23.31 billion US dollars in sales last year were from Asia with almost 38 percent of that total from China, Vale said.
"Listing in Hong Kong will increase the investor base," chief financial officer Guilherme Cavalcanti told a press briefing in Hong Kong on Sunday. -Afp