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Manulife shelves Singapore's biggest IPO as global markets wobble

Singapore Business Review

Blame it on Greece and China.

Canada's Manulife Financial Corp shelved its S$569 million ($420 million) IPO of a real estate investment trust in Singapore on Monday, the first major Asian offering outside China to be pulled due to deteriorating global markets.

A report by Reuters said that the postponement of the IPO, which had been slated to be Singapore's biggest in a year, came as Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash.

Read the report in full here.

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