Colombia bourse readies to list 1st foreign firm

By Manuela Badawy

NEW YORK, Nov 4 (Reuters) - Colombia's stock exchange is gearing to list its first foreign firm in the coming weeks as it prepares to further open its market to international investors.

Canadian oil and gas producer Pacific Rubiales Energy Corp (PRE.TO: Quote, Profile, Research) will be listed "in the coming weeks," said Juan Pablo Cordoba, president of Colombia's Stock Exchange BVC.CN.

Toronto-based Pacific Rubiales produces 100,000 barrels per day in Colombia at a field operated with state oil company Ecopetrol and is enjoying a mini-boom in oil investment.

Cordoba said he is working with regulators to simplify investment rules for local investors in foreign securities and to give more possibilities for foreign portfolio investors.

"We want to adopt international standards, make ourselves visible and make products that are interesting to all types of investors," Cordoba said at an event organized by the Colombian American Association. "We want to make it easier to come to Colombia."

As part of that strategy, the exchange has adopted the Nasdaq-OMX technology with international standards for both equity and derivative markets.

Cordoba said he is working on an integration of the stock exchanges with Peru and Chile, which would lift investment in each of the markets and encourage more cross-border trading.

"We are all growing but we are still very small. If you have an endogenous growth it will take forever to become much larger," Cordoba said.