Standard Chartered Confirms Rumours Of Hong Kong Listing Deferral
It's official, Standard Chartered plc has
confirmed the rumours of its decision to defer its Hong Kong listing and
associated equity offering after the terrorist attacks in America. The Bank was due to list on the Hong Kong
Exchange next month with the share issue capped at 5% of the total share
capital of the Bank. But it has now decided that the timing is not right,
not only because of the wave of instability in the global financial markets
after the attacks but because the Bank is concentrating on its New York operations
and their employees. The Bank had premises in building seven
of the World Trade Centre. Spokesman for Standard Chartered, Tim Halford,
told Reuters news agency that although it is uncertain when
the Bank will proceed with the listing, it remains fully committed to
Hong Kong. Mr Halford said: 'At the moment we're proceeding
on the basis that we're going ahead; we've always said the timing of the
listing will depend on market conditions.' .
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