HONG KONG, April 29 China's WH Group Ltd, the
world's biggest pork company, postponed its planned Hong Kong
initial public offering, underscoring weak demand for the deal
even after the company slashed the offer's size and reduced the
valuation, people with direct knowledge of the matter said on
WH Group postponed the deal without setting a new timetable,
effectively pulling the deal in its current shape, added the
people who declined to be named as they were not authorized to
speak publicly on the matter.
Company officials were not immediately available for a
WH Group, whose products include Smithfield ham and Farmland
bacon in the United States, offered 1.3 billion new shares in a
revised deal valued at up to HK$14.61 billion ($1.9 billion). It
had marketed the IPO in an indicative range of HK$8.00 to
HK$11.25 per share.
The IPO was slashed in size last week from the original up
to $5.3 billion that had WH Group and a group of shareholders
including private equity firm CDH Investments and New Horizon,
Goldman Sachs and Singapore state investor Temasek
Holdings selling shares.
(Reporting by Daniel Stanton of IFR and Elzio Barreto; Editing
by Denny Thomas and Miral Fahmy)