BEIJING, March 29 Reuters Swiss agrichemicals and seeds group Syngenta has withdrawn its application to list on the Shanghai Stock Exchange, the company said on Friday.

The IPO, which would have valued the Sinochemowned company at about 60 billion, has been postponed repeatedly since being proposed in 2021 due to unfavourable market conditions.

After careful consideration of industry environment and the company39;s own development strategy, Syngenta Group has decided to withdraw its application for IPO on the main board of the Shanghai Stock Exchange, the company said in a statement.

The company added that it will look to restart the listing process either in China or on a different global exchange, when the conditions are right and explore alternative sources of funding.

The Shanghai Exchange said in a filing that the bourse had terminated its review of Syngenta39;s IPO application after the company applied to withdraw it.

Company executives had said as recently as November last year that the company planned to list in 2024, with the offering expected to raise 10 billion.

Weak demand in key markets such as Brazil has seen the company39;s earnings slide.

Sales in the three months to the end of September 2023 fell 13 to 6.8 billion, while earnings before interest, tax, depreciation and amortisation plunged 68 to 300 million.

Reporting by Andrew Hayley and Beijing newsroom; editing by Christian Schmollinger, Kirsten Donovan

Source Reuters