SINGAPORE, July 6 (Reuters) - Canada’s Manulife Financial Corp said on Monday it was delaying a plan to raise $421 million through a Singapore listing of a real estate investment trust (REIT), citing unfavourable market conditions.
“In light of increased volatility in the equity capital market, the IPO of Manulife US Real Estate Investment Trust (Manulife US REIT) has been delayed,” Manulife said in a statement. “Depending on market conditions, the IPO is expected to proceed at a later date,” it added.
The statement follows a Thomson Reuters IFR report that said demand for the IPO did not materialise amid the debt crisis in Greece.
Manulife was looking to sell 694.4 million units, including cornerstone units, at S$0.82 each, which would have made the initial public offering Singapore’s biggest in a year. (Reporting by Denny Thomas and Anshuman Daga; Editing by Edwina Gibbs)