07:22 AM EST, 11/18/2024 (MT Newswires) -- WH Group said in a regulatory filing at the Hong Kong Stock Exchange Monday that it plans to list up to 20% of the shares of its wholly owned subsidiary Smithfield Foods on either the New York Stock Exchange or Nasdaq as part of its proposed spin-off.

Smithfield plans to use the net proceeds from the offering for capital investments in infrastructure, automation, expansion of packaged meats capacity, and other general corporate purposes, according to the filing.

WH Group did not specify a price or timeline for the offering and said that Smithfield is still required to obtain approvals from the Securities and Exchange Commission and the US Exchange before it can proceed with the offering.

WH Group also said Smithfield will remain its subsidiary after the offering.