Indonesian meat, dairy producer launches Singapore IPO

IN spite of the decision by Samudra Energy to pull the plug on its initial public offering (IPO), Indonesian meat and dairy producer Japfa Ltd is moving ahead with its own: its public offer opens today, and the firm expects to make its debut on the mainboard of Singapore Exchange next Friday.

Samudra Energy, an Indonesian oil and gas firm, had cited current market volatility as the reason. Market observers, however, pointed to more company-specific factors, such as the upstream oil and gas sector being unfamiliar to investors in Singapore.

In a press briefing yesterday, Japfa's CEO Tan Yong Nang said the firm is here for the long term, and that "it doesn't really matter" if the share price moves 5-10 per cent in either direction upon listing.