 |
Australia's largest pure-play coal producer Yancoal said on Monday it would apply for a dual listing on the Hong Kong stock exchange alongside a capital raising as it looks to increase its shares' liquidity.
China-based Yancoal trades on the Australian Securities Exchange and recently expanded its holdings of local mines by buying most of Rio Tinto's domestic coal assets for US$2.45 billion.
"Yancoal has applied for a dual listing in the interests of increasing liquidity in Yancoal's shares and to help further diversify Yancoal's investor base," chairman Zhang Baocai said in a statement.
"Having established Yancoal as Australia's largest pure-play coal producer... we are now taking the next step in our evolution with the listing in Hong Kong."
Yancoal, majority-controlled by China's Yanzhou Coal, said it hoped the dual listing would be in place by the end of the year.
It will occur alongside a proposed capital raising, with Yanzhou expected to reduce its 65.46 percent ownership in Yancoal. No further details were provided.
The listing is subject to approval from the Hong Kong stock exchange, a final green light from Yancoal's board, and market conditions.
As part of the proposal, the miner will also carry out a 35-for-1 share consolidation, subject to shareholder approval.
Shares in Yancoal, which has a current market capitalisation of Aus$6.37 billion, were trading 3.57 percent higher at 14 cents in Sydney on Monday.
grk/mp/dan
Related Links
Surviving the Pits
|
|
Tweet |
|
|
|
del.icio.us
Digg
Reddit
Google
