KUALA LUMPUR: Robert Kuok controlled Wilmar International is now looking to list its China unit on the Shanghai Stock Exchange in the second half of 2019, eight years after the initial listing plan was first announced.
In the original plan, announced in 2009, the company had outlined plans to list the unit on either the Hong Kong Stock Exchange or Shanghai Exchange. However the idea was shelved citing market volatility at the time.
In 2009, a 30% spin-off of Wilmar's Chinese operations was estimated to create a listed entity worth between US$3bil to US$4bil.
This was on the strength of Wilmar's huge presence in China's domestic where it is the manufacturer and producer of branded pack oils, rice and flour.
Among the world's largest palm oil trader, Wilmar now says the venue for the listing will be in Shanghai and the listing is set to be completed in 2019.
It said the “legal restructuring” of its businesses in China, to create the entity that will be listed, will be completed by the end of 2017, after which, Wilmar will apply for approval from Chinese authorities in 2019.
A senior executive from the company was quoted as saying that preparations for the revived initial public offering plan was “very much on track”.
Wilmar's China operations contributes to half of the group's revenue and a significant portion of the profits.
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