13/11/2009 - 15:43

Palmer plans $US2.5bn Hong Kong IPO

13/11/2009 - 15:43

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Speculation that Clive Palmer will list his company, Resourcehouse, on the Hong Kong stockmarket this year is gathering momentum with the billionaire reportedly reviving a $US2.5 billion initial public offer.

Palmer plans $US2.5bn Hong Kong IPO

Speculation that Clive Palmer will list his company, Resourcehouse, on the Hong Kong stockmarket this year is gathering momentum with the billionaire reportedly reviving a $US2.5 billion initial public offer.

Its understood UBS and Macquarie Group are marketing the Resourcehouse IPO, with Dow Jones Newswires today reporting that the pre-marketing process will end on November 20.

A person familiar with the situation told Dow Jones that the starting date for the bookbuilding process had yet to be confirmed.

Resourcehouse holds iron ore and oil and gas projects in Western Australia and a coal operation in Queensland.

Mr Palmer had last year made public his intentions to float his company, then as Resource Development International.

However with the turn of equity markets on the back of the global financial crisis, the listing date for the company was continually pushed back.

The listing delays affected Perth company Australasian Resources which had planned to merge with RDI. The merger was conditional on RDI listing on the Hong Kong Stock Exchange by a certain date, and the deal expired earlier this year.

Australasian is currently sourcing funds for the $2.7 billion Balmoral South magnetite project in Western Australia, which is owned by Mr Palmer's company Mineralogy. Australasian has the right to mine 1 billion tonnes from the project.


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