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Wave of Kazakh firms to list on HK exchange: PM

by Staff Writers
Hong Kong (AFP) Oct 16, 2010
Several Kazakh companies, some of them already quoted on the London stock exchange, are to list in Hong Kong, the country's prime minister said, according to a report Saturday.

ENRC, one of Central Asia's largest miners with a London market capitalisation of 12.1 billion pounds (19.3 billion dollars), will be among them, the South China Morning Post said.

Kazakhmys, a copper miner, said earlier this month said it was considering a Hong Kong listing.

The paper quoted the Kazakh prime minister Karim Masimov, who visited Hong Kong to launch a joint investment fund, as saying: "Kazakhmys and ENRC are not the only two companies who are going to list here.

"We are thinking about a number of potential other IPOs here for the future."

Kazakhstan's huge mineral wealth is part of the global competition for natural resources and a target for China's growing economy, while Kazakh firms have also faced criticism over several issues in Europe.

But Masimov denied Kazakh companies would choose Hong Kong over London because Asian investors were less concerned about subjects such as corporate governance.

An ENRC spokesman told the paper no final decision had been taken over a secondary listing.

ENRC ran into controversy last year over its purchase of Camec, a London-listed African mining company, one of whose shareholders was on the EU and US blacklists of individuals subject to sanctions for their links with Robert Mugabe's regime in Zimbabwe.



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