RusAl shares included in new HSFCCI and HSGCI indexes on Hong Kong Stock Exchange
HONG KONG. Aug 30 (Interfax) - Shares in UC RusAl, which are traded on the Hong Kong Stock Exchange, have been included in two new indexes, which are slated for launch on September 5, the Russian aluminum company said.
The company's shares have been included on the Hang Seng Foreign Companies Composite Index (HSFCCI) and Hang Seng Global Composite Index (HSGCI).
Prior to their inclusion on the new index, shares in RusAl have not been involved with Hong Kong indicators oriented towards Chinese market players. According to the company's director for corporate development and shareholder capital, Oleg Mukhamedshin, RusAl is the first Russian company to be included on these indexes, an event that will open up new opportunities for bringing in investors and boosting liquidity. Furthermore, the inclusion of RusAl shares creates the preconditions for other Russian companies to make successful entries onto the Hong Kong Stock Exchange, Mukhamedshin said.
In addition to RusAl shares, one more company for Russia's metallurgical sector is traded on the Hong Kong Stock Exchange - iron-ore company IRC Ltd (a subsidiary of the Petropavlovsk gold production alliance), which has around $590 million in capitalization.
The foreign stock indicator HSFCCI includes 15 foreign companies, which have either an initial or secondary listing on the Hong Kong Stock Exchange, or have placed depositary receipts on the exchange. These companies should have capitalization equaling at least 3 billion Hong Kong dollars (around $385 million at the current rate).
According to a release from Hang Seng Indexes, RusAl shares on the HSFCCI have a weight of 10%. In addition, raw materials trader Glencore (a shareholder in RusAl with a secondary listing in Hong Kong) has been included on the index with 10%. Kazakhmys' share weight on the index comes to 3.65%. The weight for receipts in Brazilian company Vale comes to 2.97%.
The global HSGCI includes 401 companies and unites the national Hang Seng Composite Index and the HSFCCI for foreign companies. RusAl's share weight in the global index comes to 0.21%, Glencore - 0.19%, Kazakhmys - 0.4% and Vale's receipts - 0.03%.
The Russian aluminum company held its first placement of shares in Hong Kong in January 2010. Russian depositary receipts for the company's shares have been traded in Russia since December of last year. RusAl's free float stood around 10.8% at the end of 2010. The company's shares increased in trading on Tuesday in Hong Kong by 1.21% and closed at 8.39 Hong Kong dollars.
