Golden Agri subsidiary to suspend proposed IPO in India

SINGAPORE - Golden Agri-Resources on Wednesday said plans to list its India subsidiary on both the Bombay Stock Exchange and National Stock Exchange of India will be suspended.

Gemini Edibles and Fats (GEF) India is in the process of finalising its application to suspend its proposed listing due to "adverse and uncertain market conditions", the palm oil producer said in a bourse filing.

Golden Agri-Resources announced plans on Aug 8, 2021, to list GEF. It said at the time that it could get 7.5 billion rupees (S$132 million) from the initial public offering. It owns 56.3 per cent of the subsidiary.

"The company and GEF will continue to explore opportunities to enhance shareholders' value," Golden Agri-Resources said.

GEF, which is incorporated in India, is engaged in the manufacturing, distribution and branding of edible oils and speciality fats. Its product portfolio includes sunflower oil and rice bran oil, as well as speciality fats for biscuits and confectionery.

Shares of mainboard-listed Golden Agri-Resources were trading 0.5 cent, or 1.8 per cent, lower at 27.5 cents as at 9.07am on Thursday.