Standard Chartered Confirms Rumours Of Hong Kong Listing Deferral

by Carla Johnson, Investors Offshore.com

24 September 2001

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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