Yihai Kerry Arawana Holdings (YKA), the 99.99%-owned subsidiary of Wilmar International, has received final registration approval for listing on the Shenzhen Stock Exchange ChiNext Board from the China Securities Regulatory Commission (CSRC) on September 16.

YKA will issue new shares (IPO shares) for the listing of about 10% of its issued share capital on an enlarged basis.

According to a filing on September 16, Wilmar says strategic investors, which include mainly state-owned funds, sovereign wealth funds and insurance companies, have been identified to subscribe for approximately 30% of the IPO Shares.

The final subscription size by the strategic investors and the composition of the strategic investors are still subject to final confirmation by the regulatory authorities.

The listing is estimated to take place by mid-October 2020.

Wilmar says despite the final registration approval for listing, there is “no certainty” that the listing will proceed as it is still subject to prevailing market conditions.

Shares in Wilmar closed 13 cents higher, or 3.1% up, at $4.30 on September 16, with 13.0 million shares changed hands.