SL Agritech postpones IPO to 2021

Hybrid rice seed producer SL Agritech Corp. has postponed the plan to conduct an initial public offering (IPO) to 2021 from 2018, citing low interest from the market.

"I think, in the next two or three years ... Right now, the interests are quite low and the market is really liquid," SL Agritech chairman and CEO Henry Lim told reporters on the sidelines of ASEAN Agriculture Summit in Pasay City.

Lim earlier said that SL Agritech was planning to sell around 25 percent of its shares and raise as much as P8 billion in an IPO by early 2018.

"So, we have many options, whether we will issue short-term corporate bonds or we will issue preferred shares," he said.

"Since we are an agriculture company, banks are very willing to lend money ... to an agriculture company," he added.

SL Agritech is engaged in research, development, and production of superior hybrid rice seeds.

It is the company behind the Doña Maria brand of premium rice varieties Jasponica and Miponica. — VDS, GMA News