Dual listing is the \"in thing\" now for companies hoping for quick surge in their share prices. Hope Abterra\'s proposed dual listing will perform miracles soon!
Aug 25 they announced intention to consider dual listing in HK. Now four months later, no news on any development. Helloooooo, Abterra, are you there? This is what you announced to SGX 4 months ago: The Board of Directors of Abterra Ltd (ââ¬ÅAbterraââ¬Â or the ââ¬ÅCompanyââ¬Â) would like to inform the public and its shareholders that the Company is contemplating the possibility of seeking a dual primary listing of its ordinary shares (\"Shares\") on the main board of The Stock Exchange of Hong Kong Limited (\"SEHK\")(\"Proposed HK Listing\"). The Directors of the Company are of the view that it is beneficial for the Company to have dual primary listing status in both Singapore and Hong Kong as the stock markets in Singapore and Hong Kong attract different investor profiles. The Proposed HK Listing will allow the Company, who is involved in the trading and mining of natural resources to gain access to two different equity markets in Singapore and Hong Kong respectively when the opportunity arises. It will thereby widen the investor base of the Company, increase the liquidity of the Shares and enhance the reputation of the Company in the greater China region. As at the date of this announcement, the Company is still in the process of appointing the relevant professional parties to commence preparatory work for the Proposed HK Listing. As such, no application has been made to the SEHK for the listing of, and permission to deal in, the Shares, on the main board of the SEHK. A further announcement will be made once an application for listing is filed with the SEHK and a special general meeting will be held by the Company at a later date to seek the approval of the shareholders of the Company (\"Shareholders\") on, inter alia, the Proposed HK Listing. The Board wishes to highlight to its Shareholders that the Proposed HK Listing will involve fairly extensive preparatory work and that such preparatory work may involve an uncertain time frame. In addition, whether or not an application will be made to the SEHK will depend on, amongst others, the result of the preparatory work undertaken, prevailing market conditions and circumstances then existing of the Company and its subsidiaries.
Dow Jones report on 22% rise in Abterra ..... 05 Jan 2010 12:05 CST DJ MARKET TALK: Abterra +22%; Completes Iron Ore Ops Acquisition 0405 GMT [Dow Jones] Abterra (H24.SG) jumps 22.2% to S$0.055 in active trade after the coal and iron ore trader announces it has completed the US$7.3 million acquisition of an iron ore operation in Southern and South-Eastern Kalimantan, Indonesia. But order book quotes suggest stock\'s rise may be capped at current level near-term. Acquisition is in line with company\'s recent pattern of buying mines to give it better control over the raw material supply to its core trading business. \"The Indonesian acquisition is in line with the group\'s strategic expansion plans to move upstream and to vertically integrate its resources,\" says company in statement. No brokers actively cover stock, but Westcomb said in recent research note that company looks well positioned thanks to growing China power consumption, China government moves to support coal mining industry. \"Given that there are only 2 or 3 mining companies listed on Singapore Exchange, we view Abterra to be well-positioned as potential proxy to any new mining wave.\" For quarter ended Sept. 30, company reported revenue of S$18.5 million, or about US$13.1 million. (KIG)
It would be good if someone could provide objective and fundamental research on this company based on its latest financial statements, and to add on some knowledge of the business by visiting its office and speaking to some executives. This is the \"scuttlebutt\" method advocated by Phil Fisher for looking for good companies to invest in.
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