InfoAnda - Brazil's Vale says HK shares to start trading

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Brazil's Vale says HK shares to start trading By KELVIN CHAN,AP Business Writer - Sunday, December 5 Send IM Story Print HONG KONG – Brazil's Vale mining company, the world's biggest producer of iron ore, says that a secondary listing of its shares will start trading on the Hong Kong stock exchange on Wednesday as it seeks greater access to investors in China's booming economy. Vale SA said Sunday the shares will be in the form of two classes of Hong Kong Depositary Receipts. They will be the first Hong Kong Depositary Receipts to trade on the city's stock exchange since the framework was set up more than two years ago. Vale officials said the company will not actually be raising any money by selling new shares. Each depositary receipt will instead represent one Vale share traded in Sao Paulo, Brazil, where Vale's primary listing is. Company executives said they hope to attract more investors from Asia, especially China, which was its biggest source of revenue in 2009 at 37 percent. "Our commitment to Asia is for the long term so I'm not worried whether it (the Hong Kong Depositary Receipts) will be successful six months from now," said Chief Financial Officer Guilherme Cavalcanti. Vale is counting on growth from China and other developing Asian countries to make up for slowing growth from developed Western countries, Cavalcanti said. China has been investing in large infrastructure projects such as roads, airports, railways, factories, bridges and housing, which all require vast amounts of steel. Steel's main ingredient is iron ore. China's neighbors such as India are also investing in infrastructure projects, which will also help demand outpace supply for the minerals it produces, Cavalcanti said. Hong Kong's stock market is trying to diversify its business as it faces increasing competition from its rivals in China. Allowing overseas companies to list their shares in Hong Kong through depositary receipts is part of the stock exchange's strategic plan to diversify the types of companies traded. Vale studied other Asian markets but chose Hong Kong because the market is large, has many individual investors and draws investors from China and other Asian countries, said Roberto Castello Branco, the company's director of investor relations. Recommend Send IM Story Print Related Articles Ancient relics will delay huge Afghan copper mine Reuters - 17 minutes ago Israeli cable firm HOT gets ISP license, refinances Reuters - 25 minutes ago BAY STREET-Oil plays to drive Canada 2011 energy IPO activity Reuters - 30 minutes ago Spain counts the costs of air controller strike Reuters - 44 minutes ago Russia's X5 retailer buys rival Kopeika Reuters - 58 minutes ago News Search Top Stories Cancun climate talks enter final stretch Iran declares nuclear 'self-sufficiency' ahead of talks Mbeki to mediate I.Coast 'two presidents' standoff Ireland facing tough annual budget to secure bailout Ex-fugitive Nadir threatens to sue British police More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended NASA finds new form of life... on Earth WikiLeaks arrest looms as site fights to stay online Ex-fugitive Nadir threatens to sue British police Madrid forces end to air controllers strike Obama on surprise Afghanistan visit, says US winning war More Most Viewed » NASA finds new form of life... on Earth Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Obama gets 12 stitches after 'elbow in the lip' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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