KKR-backed MMI Holdings calls off planned Singapore IPO

SINGAPORE, March 11 Fri Mar 11, 2011 3:13am EST

SINGAPORE, March 11 (Reuters) - MMI Holdings, backed by private equity group KKR has called off its S$1 billion ($785.7 million) Singapore initial public offering due to recent market volatility, two sources familiar with the matter said on Friday.

"KKR is not proceeding with the IPO because of volatile financial markets," a source with knowledge of the deal told Reuters.

KKR had earlier hired Deutsche Bank , Macquarie Group and UBS AG to manage the sale.

KKR took MMI, a precision engineering firm which specialises in electrical and mechanical parts for computer hard disks, private in 2007 in a deal worth S$1.01 billion.

KKR's decision to call off the MMI IPO comes less than a week after Perennial China Retail Trust decided to defer its S$1.1 billion IPO in Singapore due to unfavourable market conditions. ($1 = 1.273 Singapore Dollars) (Reporting by Charmian Kok and Saeed Azhar; Editing by Kevin Lim)

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