(Reuters) – Investment house Washington H. Soul Pattinson and Singapore transport firm ComfortDelGro have decided against pursuing an Australian listing for their units, citing adverse market conditions in the country.
Washington. H Soul said on Thursday it would not proceed with the IPO process for its copper and zinc mining unit Round Oak Metals, a day after ComfortDelGro ended its own plans to list its Australian unit.
While the Australian company cited “current market conditions” for its move, Singapore-listed ComfortDelGro said IPO conditions in Australia had become more challenging and other strategic options had come up.
The decisions made by the two firms comes just weeks after Las Vegas-based slot machine maker Scientific Games Corp chose to sell its lottery business to Canada’s Brookfield Asset Management rather than list.
Australia’s stock market is off by about 4% from the record peak hit in August, as the economy recovers and investors price in the winding down of unprecedented fiscal and monetary measures.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Ramakrishnan M.)
