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Glencore (0805)
31-10-2017, 02:47 PM.
Post: #31
RE: Glencore (0805)
Swiss mining giant Glencore reveals plan to end secondary Hong Kong listing in January
Investors with shares in Hong Kong will be able to transfer and trade them in London

By : Karen Yeung
PUBLISHED : Tuesday, 31 October, 2017, 11:40am
UPDATED : Tuesday, 31 October, 2017, 11:40am

Glencore, the Swiss mining and trading giant, plans to cancel its secondary listing in Hong Kong amid a lack of interest from investors.

Since the company first listed in the city in May 2011, only a small number of shareholders have elected to hold their shares in Hong Kong, preferring Glencore’s main listing in London. Only about 0.3 per cent of the company’s total issued share capital is held in Hong Kong, according to a filing with the Hong Kong stock exchange.

“After careful consideration, the board has concluded that it is in the best interests of the company, the shareholders and holders of other securities of the company as a whole, if the listing of shares on the HKEX is withdrawn,” said Tony Hayward, the company’s chairman.

The withdrawal is expected to be effective from January 31, 2018 with dealings in Glencore shares to cease on January 10.

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