Vegetable processor China Minzhong Food Corp. is hoping to raise S$237m (US$169.8m) through a listing in Singapore.

Minzhong is issuing just over 119.6m shares in the business. Four of its shareholders are making an aggregate offering of just over 77.7m shares. The offer price is S$1.20 a share.

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The company is planning to increase its production capacity and invest in buying new land for cultivation.

Minzhong CEO and executive director Lin Guo Rong said the planned IPO was an “important milestone” for the business.

“We believe that our focus on diversifying our products, increasing our production and cultivation capacity, as well as expanding our sales network, positions us well for continued growth and success as China is one of the world’s largest exporters of fresh produce and processed vegetables.

“The IPO will provide us with the right platform to execute our expansion plans and tap on the strong global and domestic market demand for quality vegetables on the back of rising health consciousness and growing world population, which presents huge opportunities for Minzhong’s future growth.”

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The share offer will close on 13 April.

 

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