Glencore’s secondary listing on the Australian stock exchange has commenced
Keystone-SDA
Swiss commodities group Glencore has begun trading on the Australian Securities Exchange (ASX) on Wednesday with a secondary listing.
There were no major price fluctuations shortly after trading began.
Following a brief rise in the share price, the shares were trading at the issue price of 11.25 Australian dollars again just under an hour after trading began, at around 12 noon local time.
So-called CHESS Depositary Interests (CDIs), each of which economically represents one Glencore share, are traded on the Australian stock exchange. Existing shareholders will be able to convert their Glencore shares into CDIs in future, provided the relevant regulatory and technical requirements are met.
According to Glencore, the company has been active in Australia for over 25 years. The secondary listing was undertaken for strategic reasons.
The market offers access to an experienced investor base with proven expertise in the commodities sector, said CEO Gary Nagle in the run-up to the listing. It also strengthens the company’s presence in one of Glencore’s most important markets and increases financial flexibility.
In the long term, trading volumes in Australia are expected to reach a similar level to those currently seen in South Africa.
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Translated from German, reviewed by an English Department journalist.
