Mewah Group, a vegetable oils company, is planning an initial public offering in Singapore to raise as much as US$500 million ($696 million), according to two people with familiar with the matter.

The share sale would be among Singapore’s biggest offerings this year, after CapitaLand raised $2.8 billion selling shares in its CapitaMalls Asia. unit in November 2009. Other companies planning initial share sales include Mapletree Industrial Trust and Amtek Engineering.

 

Almost 50 companies have shelved IPO plans in the past three months globally amid concerns that Europe’s sovereign debt crisis will hurt the global economic recovery.

 

Credit Suisse Group AG and BNP Paribas SA would manage Mewah’s share sale, said the people, who asked not to be identified because of confidentiality. The company aims to list in the fourth quarter of this year, one of the people said.

 

Mewah, part of the Ngo Chew Hong Group, claims to be one of the world’s largest palm oil refiners with more than 50 years of experience in the edible oils and fats industry, according to its website. The company’s headquarters are in Singapore and it has factories in Malaysia, as well as marketing subsidiaries in China and Australia.

 

Mewah’s Group Managing Director Cheo Tong Choon wasn’t immediately available for comment in his office.