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WHSP, Singapore’s ComfortDelGro pause Australia IPO plans for units -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – ComfortDelGro taxis are seen parked in their Singapore vehicle inspection yard on October 9, 2017. REUTERS/Edgar Su

(Reuters) – Investment firm Washington H. Soul Pattinson, and Singapore transport company ComfortDelGro decided not to pursue an Australian listing of their units due to adverse market conditions.

Washington. H Soul announced on Thursday that the IPO process of Round Oak Metals’ zinc-mining unit Round Oak Metals would not be continued. Its announcement came just days after ComfortDelGro canceled its plan to list Round Oak Metals in Australia.

The Australian company cited current market conditions as the reason for their move. However, ComfortDelGro Singapore listed said that IPO conditions had become more difficult in Australia and had suggested other options.

Two weeks ago, Las Vegas-based manufacturer of slots machines made the same decision. Scientific Games (NASDAQ) Corp has chosen to sell its lottery businesses to Canada’s Brookfield Asset Management, rather than listing.

The stock market in Australia is down by around 4% from August’s record high. This happens as investors value the end of unimaginable fiscal and monetary policies.

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