SL Agritech plans IPO

Hybrid rice seeds producer SL Agritech Corp. said it plans to raise up to P8 billion from an initial public offering in the third quarter or fourth quarter this year.

SLAC chairman Henry Lim said the company was able to expand its operations in the last two years, enabling the company to pursue its IPO.

"We are looking at selling as much as 25 percent of the company. At the back of my mind, we want to raise P7 billion to P 8 billion," said Lim.

Lim said proceeds from the IPO would be used for expansion. "Right now, we want a lot of people to have a share to what we are doing. With the participation of the public, we can expand more," Lim said.

The company currently exports rice to the United Arab Emirates, Canada and the United States.

SLAC also produces hybrid rice seeds in Bangladesh, Indonesia, Myanmar and Vietnam.

"We are also trying to go to India and Nigeria," Lim said.

Source: The Standard