14/03/2011 - 09:46

Galaxy delays Hong Kong IPO

14/03/2011 - 09:46

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Perth-based Galaxy Resources has postponed its initial public offering in Hong Kong until further notice due to unfavourable market conditions.

Galaxy delays Hong Kong IPO

Perth-based Galaxy Resources has postponed its initial public offering in Hong Kong until further notice due to unfavourable market conditions.

The ASX-listed lithium miner had planned a dual listing on the Stock Exchange of Hong Kong at the end of the current quarter.

Galaxy managing director Iggy Tan said the decision to delay the IPO was disappointing, but prudent in light of recent international events and market volatility.

"Given the company's strong financial position, we saw no necessity to launch the IPO in a market environment that would not serve the interests of either existing shareholders or deal participants," Mr Tan said in a statement.

"We are still strongly focused on listing in Hong Kong and will proceed when we believe the time is right."

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