Switzerland's Glencore, one of the world's largest mining and commodities trading company, plans to raise $9-11 billion from an share offering in London and Hong Kong, the company said in a statement on Thursday.
The company expects to raise from $6.8 billion to $8.8 billion from an initial share offering on the London Stock Exchange and $2.2 billion from a secondary share offering in Hong Kong, the firm said.
Glencore intends to use the funds from the share offering, expected to be completed in May 2011, to increase its stake in the Kazakhstan-based zinc producer Kazzinc, finance capital expenditure in the next three years and repay its debt, Glencore said.
After the company's stock is listed, Glencore expects to switch to progressive dividend policy with a view to maintaining the current volume of dividend payments on ordinary shares or increasing it annually.
Glencore has stakes in some of the world's leading commodity producers, including Russia's aluminum giant RusAl.
MOSCOW, April 14 (RIA Novosti)
