By Alfred Romann
Investing.com – Wilmar International Limited (SI:), a Singapore-listed agribusiness group, plans to issue an IPO for its China business on the Shenzhen Stock Exchange as early as next month, should market conditions be favourable.
The company plans to sell shares of Yihai Kerry Arwana (YKA) for CNY25.70 each, putting it on track to raise CNY13.9 billion ($2.06 billion), Wilmar said in a statement Thursday. Wilmar owns 99.99% of YKA.
A group of 20 strategic investors – including Singapore’s sovereign wealth fund GIC, China Life Insurance Co. Ltd., China Structural Reform Fund and Rongze Investment Company – have been allocated 30% of the shares.
The company has proposed launching the IPO in October but has left the door open for changes depending on market conditions. In a Sept. 11 statement, the company said the timeline was still on track.
An updated prospectus was submitted to the China Securities Regulatory Commission (CSRC) on August 10.
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