Indonesian Miner Merdeka Nets HK$2.27 Billion from Hong Kong Depositary Receipts Offering

MT Newswires Live

Jun 26

Merdeka Gold Resources (HKG:6228, IDX:EMAS) raised HK$2.27 billion in net proceeds from its Hong Kong depositary receipts (HDR) offering, according to a Thursday after-market filing with the Hong Kong Exchange.

The Indonesian miner issued roughly 89.7 million HDRs at HK$26.60 each.

The Hong Kong public offering portion of the deal was 4.42 times subscribed, with 8.96 million HDRs allocated, while the international offering was 7.67 times subscribed, with 80.7 million HDRs allocated.

Cornerstone investors, including Glencore, Mercuria, and Trafigura, were allotted 44.8 million HDRs, representing 49.94% of HDRs offered.

The deal comprised existing HDRs sold by selling shareholders, who will receive all net proceeds. Merdeka will not receive any proceeds from the offering, the company said earlier.

Merdeka Gold is set to debut on the Hong Kong bourse today, June 26.

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