Sri Trang Says Singapore IPO Still On

Sri Trang Agro-Industry, Thailand's largest publicly traded rubber maker, said on Wednesday it had not scrapped a plan to list on the Singapore stock exchange and was still in talks on the initial public offering (IPO) price.

The rubber producer had said earlier it had cancelled the listing plan due to unfavorable market conditions.

The Thai stock exchange halted trade in Sri Trang stock on Monday pending a pricing announcement.

Sri Trang asked that trading in its shares remain halted at the start of trade in Bangkok on Wednesday but it said it expected them to resume from 11 a.m. (0400 GMT).

Sri Trang wants to raise up to S$360 million ($280 million) through a listing in Singapore and will use the funds for expanding output by acquiring, building or expanding processing facilities.

Sri Trang is the world's biggest natural rubber producer and exporter, primarily making blocked rubber used for tires, with Bridgestone Corp, Michelin and Goodyear Tire & Rubber among its big buyers.

The stock hit an all-time high on Jan. 12 after a company director forecast rubber prices would continue to rise this year and said the company expected fat profit margins.

It surged eightfold last year and ranked among the top 20 performers on the Thai bourse thanks to a jump in rubber prices.