South Africa’s third largest gold miner Harmony Gold said on Friday it would list on the New York Stock Exchange on November 27, joining fellow mining majors AngloGold and Gold Fields.
Harmony, whose American Depositary Receipts (ADRs) already trade on the US Nasdaq, will trade on the NYSE under the ticker symbol HMY, the company said in a statement.
”This move represents an important milestone in our growth as an independent public company over the past seven years,” said Harmony Chief Executive Officer Bernard Swanepoel.
”We believe that the NYSE listing will improve Harmony’s visibility among a wider base of investors while also lessening the volatility of our stock for current investors.”
Harmony is the world’s fifth largest gold producer, with an output of 2,7 million ounces in the year to June. It sees production rising to 3,1 million ounces in the 2003 financial year.
Harmony’s share price was 1,7% or 240 cents higher at R45 at 1420 GMT, slightly outperforming a 1,4% gain in the gold mining index.
Analysts said the move to the NYSE would improve the rating on Harmony’s shares, which are already highly liquid.
”The share rating is still very wide between the US and South Africa, and Harmony management are probably hoping it will close that gap. It will also increase interest in a very liquid stock in a market where investors are prepared to pay more,” said one analyst.
”They should benefit from moving to the NYSE where the spreads are slightly better, and they will be trading alongside their peers,” said another.
South Africa’s largest gold miner AngloGold debuted on the NYSE in August 1998, and Gold Fields, South Africa’s second largest gold miner, listed in May. Pulp and paper firm Sappi also has a NYSE listing. – Reuters