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A DRAGON fruit producer in Malaysia is aiming for an initial public offering (IPO) in Hong Kong, but has no plans to list in Singapore yet. (see amendment note)
On Friday, Golden Farm Development Ptd Ltd announced in a press statement that it would be a signing a Memorandum of Understanding (MOU) for "IPO and fund raising signing ceremony" on Nov 25. (see amendment note)
When queried about this unusual move, vice-president of Golden Farm Development Pte Ltd, Wong Lay Chew, told The Business Times that the signing of the MOU is to formalise the preparation for the listing.
He said that information pertaining to the listing, such as pricing, proceeds to be raised and launch date of the IPO, would be released after the signing ceremony.
Amendment note: An earlier version of this story wrongly said that SAC Capital was involved in Golden Farm's IPO plans. SAC and Golden Farm have clarified that it is not involved in Golden Farm's plans. Golden Farm has said that it is signing the MOU with Strategic Advisory & Capital Pte Ltd. It has also said that it is not listing on the Singapore Exchange's Catalist board, as previously stated. This is a source error from the newsmaker.