Golden Agri subsidiary to suspend proposed IPO in India

SINGAPORE – Golden Agri-Resources on Wednesday (Aug 31) said plans to list its India subsidiary on both the Bombay Stock Exchange and National Stock Exchange of India will be suspended.

Gemini Edibles & Fats India (GEF) 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 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 of the 56.3-per-cent-owned subsidiary.

“The company and GEF will continue to explore opportunities to enhance shareholders’ value,” Golden-Agri 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, rice bran oil, as well as speciality fats for biscuits and confectionery.

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