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British-based bank Standard Charted announced Tuesday it will proceed a dual primary listing in Hong Kong next week.
The bank said a Hong Kong Public Offer and an Institutional Offer will be launched on Oct. 21 and the size of the offer will be not more than 5 percent of the total issued share capital of the company.
"This is the first time a major London listed company has launched a dual listing in Hong Kong. That demonstrates our strong commitment to Hong Kong, which is our largest market," said Standard Chartered Group chairman Patrick Gillam.
Gillam added that the company expected this listing would help broaden their shareholder base in Asia.
Details of the Hong Kong public offer are scheduled to be made available to investors through a prospectus and application forms, which will be available from the launch date.
Standard Chartered said it expects "a sizable portion of the share offer" to be made available to Hong Kong retail investors ina bid to encourage retail participation.
Goldman Sachs will act as the book runner and joint lead manager of the institutional offer and sponsor of the Hong Kong public offer.
Cazenove Asia will act as the joint lead manager of the institutional offer and co-sponsor of the Hong Kong public offer.
Standard Chartered is the world's leading emerging markets bank, with 28,000 employees in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas.
It is also one of Hong Kong's three currency note issuing banks.
(Xinhua News Agency October 16, 2002)
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