Lukoil not now planning to place stock in Hong Kong due to legal restrictions - Alekperov
DAVOS. Jan 23 (Interfax) - Lukoil is not at this point planning to place stock in Hong Kong because of legal restrictions, company CEO Vagit Alekperov said at a press conference during the World Economic Forum in Davos.
"Not at this point. A number of legal acts have to be clarified," Alekperov said.
Earlier, Lukoil Vice President Leonid Fedun explained that Russia has yet to ratify an IOSCO (International Organization of Securities Commissions), the international organization that unites securities exchange operations. He said that the protocol contains specific requirements concerning the provision of information by an issuer and insider info. "The position of the international exchanges located in Singapore and Hong Kong is that listing on them is not possible with the IOSCO protocol being signed," Fedun said.
The document has been submitted to the Russian parliament, Fedun said, expressing hope that the matter would be resolved this year.