Vedanta Resources group firm Konkola Resources today said it planned to launch an initial public offer to raise at least $1.1 billion, following which the company will be listed on the London Stock Exchange. In a regulatory filing, Vedanta Resources, already listed on the London Stock Exchange, said it sought to include the ordinary shares of Konkola Resources Plc in the official list of the UK Financial Services Authority to permit trading of shares of the company on the FTSE UK Index Series of the London Stock Exchange.
Konkola Resources Plc is the holding company of Konkola Copper Mines (KCM), a leading Zambian integrated copper miner. KCM is a subsidiary of Vedanta Resources Plc, which has an indirect 79.4 per cent holding in the Zambian company. The remaining 20.6 per cent stake in KCM is held by ZCCM Investments Holdings Plc (ZCCM-IH), a Lusaka and Euronext-listed company that is majority owned by the Zambian government.