SL Agritech shelves IPO plan

MANILA, Philippines - Hybrid rice and seeds producer SL Agritech Corp. is shelving plans of a stock rights offering, saying it wants to grow internally.

In a chance interview, SL Agritech president and CEO Henry Bon Liong Lim said the company continues to entertain investors but wants to grow internally before conducting an initial public offering (IPO).

“At this time, I don’t think its prudent to do an IPO right now. We have investors coming in, also so we want to grow internally before we do the IPO,” he said.

Lim said the company is ironing out an agreement with international supermarket chain Carrefour for the distribution of it Dona Maria premium rice varieties Jasponica and Miponica varities in the Middle East.

“We will only have to change the packaging (of the products),” he said.

“They need a large volume but we will start with around 60 tons per month.”

He said the deal is expected to be finalized by September.

Eyed as export destinations in the Middle East are Dubai, Qatar and Saudi Arabia among others. 

SL Agrtitech grows rice and hybrid rice seeds in Laguna, Nueva Ecija and Mindoro.