China’s Shandong Ruyi Group is reportedly planning to list some of its units in Singapore.
According to local publication, South China Morning Post, chief strategy officer for the company Kelvin Ho Cheuk-yin said it was seeking opportunities for its assets to become publicly listed in a stock exchange in Southeast Asia “especially in Singapore, which is a very good capital market to explore.”
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“We hope to have a funding platform in suitable major capital markets, in different parts of the world, to gain better access to global investors,” he added, but did not confirm which lines of business or the assets the company is looking to float.
“There is no concrete plan about the timetable and listing venue, but it will be one of the leading stock markets globally … these decisions will be made by its management,” he said, adding that the Nasdaq, as well as Hong Kong, were possible IPO destinations.
The company has more than 20 subsidiaries in 11 countries, and more than 5,000 retail stores in 33 countries.
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Earlier this month, Ruyi acquired US-based fibre producer Invista’s Apparel and Advanced Textiles business (A&AT) – including its Lycra spandex/elastane brand.
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By GlobalDataA spokesperson for Shandong Ruyi could not be reached at the time of press.
