SINGAPORE (June 23): Wilmar International shares gained as much as 9.8% to $4.26 today, prompting a query from the Singapore Exchange (SGX).

In a separate update, the palm oil giant said that plans to separately list its China subsidiary on the Shenzhen Stock Exchange has taken one step ahead with the filing of an updated draft prospectus.
The subsidiary, 99.99% owned by Wilmar, is called Yihai Kerry Arawana Holdings Co. It sells edible oil, among other businesses. The IPO is managed by China Securities Co. 

For the FY ended Dec 31 2019, Yihai Kerry reported earnings of RMB5.56 billion ($1.1 billion), up slightly from RMB5.5 billion in FY2018. Revenue in the same period was RMB170.7 billion, up from RMB167 billion.

“As work on the proposed listing is still in progress, there is no assurance that the Proposed Listing will proceed, so shareholders and potential investors are accordingly advised to exercise caution when dealing with the securities of the company,” says Wilmar.

Wilmar shares closed the day at $4.18, up 7.73% for the day.