Deal setup and timing
Amman Mineral is working with Citic Securities Co. and Morgan Stanley on a possible share sale in Hong Kong, according to people familiar with the talks who asked not to be named. The talks indicate a deal that may bring in a minimum of $1 billion and could launch as early as next year, though nothing is finalized. The contours, including how much is sold and when, could shift. Spokespeople for Amman Mineral, CLSA and Morgan Stanley declined to offer comment.
Hong Kong's pitch and the peer group
Hong Kong has been courting issuers from beyond mainland China to broaden its lineup. If Amman Mineral moves ahead, it would follow PT Merdeka Gold Resources, which began trading in the city in June. Bloomberg News also said this week that the affiliated Indonesian firm PT Merdeka Battery Materials is considering issuing depositary receipts in Hong Kong. Other Southeast Asian prospects feature the IP data platform Patsnap, along with a division of Indonesia's MNC Group.
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The stock picture and what to watch
Amman Mineral went public in Jakarta in July 2023. After slipping to a near three-year low in May, the shares surged 66% as copper prices reached a record. Even after the rebound, the shares are still off by more than 25% for the year, putting the market value near 350 trillion rupiah, or about $20 billion. If a Hong Kong deal comes together, investors will be weighing the company's scale and copper exposure against the city's push to draw in new issuers.
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