A stock listing for China’s Cnooc Ltd. on the Toronto Stock Exchange is “a good thing” for Canadian capital markets, TMX Group Ltd. Chief Executive Officer Thomas Kloet said.
Cnooc, the state-owned Chinese company that bought Calgary-based Nexen Inc. for $15.1 billion last week, made a commitment to the Canadian government that it would list shares in Canada after the purchase. Zhong Hua, Cnooc’s chief financial officer, told reporters in Calgary on Feb. 27 that Cnooc was about to file to list in Toronto.
“It’s an important global company active in the energy markets, and it strengthens our franchise,” Kloet told reporters today after a luncheon speech in Toronto. “It’s a good thing for the capital markets.”
TMX, the owner of the Toronto Stock Exchange, may benefit from Cnooc’s addition by getting listing fees and an increase in trading, Kloet said. Nexen was delisted last week.