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4 Jun, 2008 08:46

Russia’s SMR heads to Hong Kong bourse

Russian miner SMR (Strikeforce Mining and Resources Ltd) plans to raise about $US200 MLN by floating on the Hong Kong stock exchange (HKEx). The head of the bourse has arrived to Moscow to promote the Chinese exchange.

Hong Kong has been courting Russian companies, which more commonly list in London and New York.

Starting from July 1, foreign issuers will be listed on HKEx through depositary receipts, according to Vedomosti business daily.

SMR, the molybdenum producer, plans to float 25% of its shares later this year.

SMR belongs to the Basic Element holding.