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Russian firms plan stock sales worth billions of U.S. dollars in Hong Kong - VTB Bank

© RIA Novosti . Artur AlexandrovHong Kong
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Russian companies plan to sell their stock worth billions of U.S. dollars on the Hong Kong Stock Exchange this year, the president of VTB Capital, the investment arm of Russia's second largest bank VTB, said on Sunday.

Russian companies plan to sell their stock worth billions of U.S. dollars on the Hong Kong Stock Exchange this year, the president of VTB Capital, the investment arm of Russia's second largest bank VTB, said on Sunday.

"We have already carried out several transactions and have a temporary license to carry out investment business in Hong Kong. In particular, we helped float the shares of aluminum giant RusAl and are now working on a whole number of deals for the sale of stock on the Hong Kong exchange. The deals involve Russian companies, and also firms from former Soviet republics," Yuri Solovyev said.

"In total, these deals are worth billions of U.S. dollars," he said.

Russia's largest privately-owned oil company LUKoil announced on Thursday it intended to hold a secondary public offering (SPO) for 13% of its stock on an Asian exchange and plannned to get a listing on the Hong Kong Stock Exchange during the year.

"To my mind, it would be logical to hold the SPO on an Asian stock exchange. It is not a secret that today the main supplier of money is China. If it maintains its current growth rates, the yuan will start edging out the U.S. dollar with time. And we want LUKoil to be the first in the path of the money flow from China," LUKoil Vice-President Leonid Fedun told Kommersant business daily.

HONG KONG, April 17 (RIA Novosti)

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