Hong Kong giant Hutchison Whampoa is eyeing an initial public offering (IPO) in Singapore that could generate between US$3 billion and US$6 billion--beating SingTel's record $4 billion IPO in 1993, reports the Straits Times.
Hutchison is one of the world's largest port operators, with interests in 51 docks in 25 countries. It also has investments in property and hotels, retail, telecommunications and infrastructure. The conglomerate wants to spin off its ports in Hong Kong and southern China into a business trust, says the newspaper.
The listing, which could become Singapore's biggest ever, will be a coup for the Singapore Exchange (SGX) which doesn't have the regulatory environment to accommodate such trusts, says the Times.
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