WH Group will host an extraordinary general meeting Dec. 6 in Hong Kong to get shareholder approval for the spin-off of Smithfield Foods, Inc., and a separate listing on either the New York Stock Exchange or Nasdaq Stock Market in the United States.

The world’s largest pork processor expects the offering to be no less than the unit’s net asset value as of Sept. 30, which was $5.38 billion.

Based on the board’s preliminary estimate, the firm will list up to 20% of its shares in the U.S. listing. The company’s shareholding in Smithfield is expected to decrease to approximately 80%, and Smithfield will remain as a subsidiary of the company.

The firm notes the spinoff enables the Post Spin-off Group and the Smithfield Group to adopt tailored business strategies and be more responsive to market changes and opportunities specific to the businesses of the relevant group. Upon completion, the Smithfield Group will principally engage in the U.S. and Mexico business while the Post Spin-off Group will engage in the China and Europe business.

On Oct. 4, Smithfield submitted a draft registration statement for the offering to the U.S. Securities and Exchange Commission. The company still has to obtain approvals from the SEC and the U.S. Exchange before it can proceed with the offering, and is in the process of obtaining the relevant approvals.

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WH Group acquired Smithfield Foods in 2013 for $4.7 billion.