Wilmar postpones China unit's HK listing

Published: 01 Oct 2009 16:17:20 PST

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Oct. 2, 2009 (China Knowledge) - Singapore-listed Wilmar International Ltd has postponed the listing of its China unit on the Hong Kong Stock Exchange, sources reported.

The world's largest listed palm oil firm said in a statement on Wednesday that it is proceeding with the listing application of Wilmar China Ltd, but hasn't decided on the timing of the listing.

Wilmar China and its parent are monitoring market conditions and will pick the opportune time for the listing, according to the statement.

Wilmar China was scheduled to launch the initial public offering on Oct. 5. The company expects to raise HK$3 billion to HK$4 billion from the IPO.

Wilmar's China business accounted for almost half of its US$14.3- billion revenue and close to 40% of its net profit in 2008.

Wilmar International will hold a special shareholder meeting in Singapore today.