05 Jun '11, 10am

Resourcehouse cancels HK IPO

HONG KONG: Australian miner Resourcehouse has cancelled its plan to list in Hong Kong for the fourth time, citing unfavourable global market conditions, in an offering originally aimed to raise up to $3.6 billion. The unprofitable firm, controlled by billionaire Clive Palmer, had put off three previous attempts to list on the Hong Kong stock exchange since 2009 before the latest cancellation announced late Saturday. "The board of the company has decided not to proceed with the proposed global offering at this time given global market conditions and the fact that they continued to decline during and after the company's international roadshow," the Brisbane-based firm said in a statement on its website. The miner had planned to sell 5.716 billion shares for between HK$4.48 and HK$4.93 each (58-63 US cents), with a listing on the Hong Kong exchange planned for June 10. Dow Jo...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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