YIHAI Kerry Arawana (YKA), the Chinese unit of Wilmar International, has progressed a step further towards its long-awaited initial public offering (IPO).
In a bourse filing on Thursday, Wilmar disclosed that YKA has received confirmation from the listing committee of the Shenzhen Stock Exchange’s ChiNext Board that it meets the listing and disclosure requirements.
Wilmar said that the listing committee had met with YKA and deliberated on the proposed IPO. YKA will next make a submission to the China Securities Regulatory Commission for final registration approval of the listing.
YKA is one of the largest agri-business and food processing companies in China. Its business includes the processing and sale of kitchen food, feed ingredients and oleochemicals in China.
In a July report, DBS Group Research said YKA could be listed at a market capitalisation of around S$19.7 billion.
Wilmar has previously said that the spin-off listing would boost its China operations by increasing its market visibility and awareness among current and potential customers, investors and the public in China.
Shares of Wilmar last traded at S$4.79 before the trading halt called on Thursday.