Philippines. 2017 share offer eyed by hybrid rice firm SL Agri

22.07.2016

THE Philippines’ largest hybrid rice seed producer, SL Agritech Corp, said it may revive plans for an initial public offering (IPO) next year, looking to raise up to P8 billion.

The company shelved its proposed IPO in 2012 when the debt crisis in Greece unsettled global markets. The Philippine bourse has risen strongly in recent months to become the second-best performing equity market in Southeast Asia this year.

“We were able to expand rapidly in the past two years. By the third quarter or fourth quarter next year, we may go into IPO,” SL Agritech Chairman Henry Lim Bon Liong told reporters late on Wednesday.

SL Agritech plans to sell a 25% stake to the public, Mr. Lim said, adding that the fresh capital raised would help speed up expansion plans.

The company, which exports premium rice to the United Arab Emirates, Canada and the United States, produces hybrid rice seed in Bangladesh, Indonesia, Myanmar and Vietnam. It plans to enter the Indian and Nigerian markets.

Only two companies have debuted on the Philippine Stock market this year, Golden Haven Memorial Park, Inc. and Cemex


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