Brazil’s Vale says it will list in Hong Kong

The Pak Banker - - International3 -

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

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