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Gold Fields, Harmony mull Dubai listings Posted: Sun, 25 Jun 2006 [miningmx.com] -- RIVAL South African gold producers, Harmony Gold and Gold Fields, are considering listing their shares on the Dubai International Financial Exchange (DIFX) in an attempt to tap the region’s cash-rich investors. Philip Kotze, GM of Harmony Gold’s investor relations, said the business motivation for the listing was to provide an alternative destination for the surfeit of so-called petro-dollars, new money derived from the higher oil price. Moreover, Middle East investors badly wanted an alternative to the US which is not a desired investment destination “for obvious reasons”, said Kotze. Liquidity on the DIFX was relatively low at the moment, and costs were high, he said. Said Kotze, who has returned from Dubai earlier this month: “If they give us a good deal I will make a proposal to the board.” Harmony would not pursue the interest, however, if normal listing costs are imposed by the Dubai authorities, he said. “Proposals to list in Dubai are at an advanced stage of consideration,” said Terence Goodlace, who manages Gold Fields’ international operations. “The major issue is to look at potential investors in a different time zone,” he said. The DIFX, which opened in the United Arab Emirates in September 2005, has 13 member banks, including ABN AMRO, Barclays and Merrill Lynch, and some 18 listed securities and products. Ilja Graulich, investor relations GM for DRDGOLD, said his company would consider DIFX listings when it had restructured its other listings. He expected DRDGOLD to delist from Australia’s stock exchange before the year-end. Other delistings were on the table for DRDGOLD such as the London, Paris and Brussel stock exchanges. DRDGOLD rarely traded on these bourses, but had a presence there for “historical reasons”, he said.Free news alerts: click here to subscribe
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