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#ROADBLOCK IPO FREE#
Get our weekly free Must-Read newsletter.The clock is ticking for Belfius Bank, the company that rose from the ashes of Franco-Belgian lender Dexia, if plans to conduct an initial public offering are to go ahead before local elections in October.īelgium’s government, which owns 100% of Belfius, will need to green-light the IPO by early July or risk that the summer break and then election season get in the way of the plan, people familiar with the matter said.įurther delays would leave no time to prepare prospectuses, analyst presentations and other information necessary for a successful share sale, they said, asking not to be named as they aren’t authorised to speak on the matter.
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and the agriculture business of Chinese conglomerate Sinochem Corp.Ĭontact editor Michael Bellart our app to receive breaking news alerts and read the news on the go. Last year, the Swiss business incorporated other ChemChina agricultural units including Adama Ltd. Syngenta had been poised to go public again, four years after ChemChina took the company private in a $43 billion deal marking China’s biggest foreign takeover to date. withdrew its application to list Chinese depositary receipts in Shanghai, while troubled Evergrande said in late September that its electric-car unit will not proceed with a proposed share sale on the STAR Market. Last week, Hong Kong-traded Lenovo Group Ltd. The local stock market has also been rocked by fears of contagion from property company China Evergrande Group’s debt crisis.Ībout 50 other companies are also facing a delay to their STAR Market IPO applications, likely exacerbated by the recent Golden Week holiday, the person said, asking not to be identified discussing private information. Syngenta’s snag adds to a growing list of Chinese IPOs put on ice in the wake of a governmental crackdown on the country’s technology companies. The company plans to sell as many as 2.79 billion new shares in the IPO, equivalent to a 20% stake.Ī spokesman for Syngenta declined to comment.
#ROADBLOCK IPO UPDATE#
Syngenta has now furnished the Shanghai exchange with the requested earnings documentation and an update on the IPO timeline is set to be given this week, a person familiar with the transaction said.Ĭhina National Chemical Corp.-owned Syngenta said in July that it’s targeting proceeds of 65 billion yuan ($10 billion) in a listing that could be the world’s largest this year. 30, didn’t say when the Switzerland-based seed and fertilizer business can resume its application to list on the Nasdaq-style STAR Market.
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The bourse, which posted a notice on its website about the halt on Sept. (Bloomberg) - Syngenta Group’s plan for an IPO has hit a roadblock after the Shanghai Stock Exchange suspended the company’s application pending an update to information about its earnings.