Synear Food Holdings Ltd, one of China's largest quick-freeze food producers, is proposing a voluntary delisting from the Singapore exchange, the company said on Monday.

The main shareholders of Synear said that the valuation of the company on the market is low, which is limiting its financing capabilities, the Guangzhou Daily reported on Wednesday.

The company, which is based in Zhengzhou, Henan province, has been listed in Singapore since 2006.

UBS AG Singapore Branch will make a cash offer to acquire all the issued ordinary shares of Synear on behalf of Fortune Domain Ltd, which represents the company's directors.

The offer price for each share will be S$0.186 ($0.149) in cash, which represents a premium of about 21.2 percent over the volume weighted average price per share for a one-month period.

The directors of Synear will not make material changes to the company's existing business after the delisting, the company said.

Synear is the second overseas-listed food company in China to go private this month.

Feihe International Inc, a producer and distributor of milk powder, said its directors and an affiliate of Morgan Stanley Private Equity Asia proposed to take the company private on Oct 3.

Feihe, which is listed on the Nasdaq since 2003, was the first Chinese dairy company listed in the United States.

Feihe did not provide a reason for the delisting, but some business insiders said that the company's low valuation, which did not meet the company's financing demands, might be the main reason.