QAF Limited said on Wednesday morning that it plans to retain a controlling interest of at least 51 per cent in the meat business it is planning an initial public offering (IPO) for.

QAF sells the Gardenia brand of bread in Singapore, Malaysia and the Philippines, and also owns a pork production business in Australia. Its latest announcement came after it said on Aug 8 that it was planning to list the meat business.

The IPO will take the form of an offering of shares on the Australian Securities Exchange (ASX) in Hamsdale Australia Pty Ltd, to be renamed Rivalea Limited.

The proposed listing will include the group's primary production business, with assets located in the Australian states of New South Wales and Victoria. Operations include seven owned pig farms, 19 contract pig farms owned by third parties, three feedmills, two pork processing plants and two grain storage facilities.

In 2016, the group produced more than 64,000 tonnes of pork carcasses, processed approximately 1.2 million pigs and produced approximately 337,000 tonnes of stockfeed. The capacity of its grain storage facilities is more than 75,000 tonnes, QAF said.

The proposed listing's revenue for the first half of 2017 was S$199.8 million, with net profit at S$9.9 million.

Based on various assumptions, including a market capitalisation of S$224.1 million for the listing, S$88.8 million raised by selling new shares to the public, and S$21 million from selling current shares, and expenses of S$8 million excluding cash bonus to senior employees, QAF will recognise a gain of S$8.5 million to its equity after the listing of 49 per cent of its interest.

Separately, a proposal seeking approval on a new constitution has been sent to shareholders. QAF last traded at S$1.205.