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R-Money acquires 15 pc in HK Mercantile Exchange for $7.5 mn

This article was posted on Oct 14, 2008 and is filed under Press Releases

MUMBAI: ADAG group firm Reliance Money has acquired a 15 per cent stake in Hong Kong Mercantile Exchange (HKMEx) for 7.5 million dollars, a move that will help it to leverage on the growth potential of commodity trading in the Asian region, including India.

“Even as Asia has emerged as a key market for global commodities, the region does not have a strong commodity exchange. Our deal with HKMEx will help us capitalise on the growing demand for commodities in this region,” Reliance Money Director and CEO Sudip Bandyopadhyay said.

We acquired the 15 per cent in the HKMEx for 7.5 million dollars and with this acquisition Reliance Money has emerged as the second largest shareholder in HKMEx and will have a board membership, he said.

Reliance Money has recently received approval from the FMC and Ministry of Consumer Affairs for acquiring 10 per cent stake in domestic National Multi-Commodity Exchange of India. It plans to increase its stake to 26 per cent in NMCE.

“We plan to build synergies between both the exchanges thereby leveraging on the growth potential of commodity trading in India, China and the rest of Asia,” he added.

HKMEx proposes to start trading in the first quarter of 2009 and will kick-start its operations by offering dollar-denominated oil contracts. It would also diversify into other commodities going forward.

Hong Kong Mercantile Exchange (HKMEx) has been founded on June 25, with the objective of bridging the international commodities markets with China through an efficient and transparent pricing platform for end-users and the global trading community.

source: Economictimes

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