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Wednesday, September 30, 2009

Wilmar delaying HK IPO amid volatile market

Singapore’s Wilmar, the world’s biggest listed palm oil producer, is likely to delay the US$3 billion (RM10.44 billion) listing of its China unit as concerns about frothy markets hurt investor sentiment.

“The listing of Wilmar China Limited on The Stock Exchange of Hong Kong Limited is still in progress and has reached an advanced stage but no decision has been taken as to the specific timing of the listing,” Wilmar said in a statement. “The structure and the expected timetable have not been finalised and are dependent on market conditions.”

Wilmar’s share price fell as much as 6 per cent to its lowest in almost six weeks before recovering to trade 3.2 per cent lower at S$6.30 (RM15.47) — still underperforming Singapore’s benchmark index, which was down 0.7 per cent.

Wilmar, which owns oil palm plantations and runs milling, crushing, refining and processing plants in Indonesia and Malaysia, has said the China operation generated about US$600 million in profit and US$14.3 billion in revenues in 2008.

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