Italian firm Mossi Ghisolfi had been aiming to list about a third of its M&G Chemicals unit in Hong Kong before year-end. This was according to the company's chairman last Wednesday. The move was after the bioplastics conglomerate looked to expand globally, said a Reuters report.
The company is the second biggest chemicals group after Eni, an oil major group. Mossi Ghisolfi operates in the United States, China, India and Mexico, said a Reuters report.
According to Vittorio Ghisolfi, Chairman of M&G Chemicals, "There's still a lot to do. We hope to list by the end of this year depending on market conditions."
Mossi Ghisolfi was established by the Ghisolfi family in 1953. The company had been a famous producer of PET, a plastic used for soft drink bottles like those of Pepsi and Coca Cola. The company had generated revenue valued approximately USD3 billion, said a Reuters report.
The M&G Chemicals unit generates about 80% of total revenue, said family member Guido Ghisolfi in a conference.
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