Cuckoo Malaysia delays IPO due to volatile global market
The company says it will allow investors who have submitted their applications to withdraw from the initial public offering
Add BT as a preferred source
[SINGAPORE] Household goods maker Cuckoo International (MAL) is postponing its initial public offering (IPO) on the Malaysian stock exchange by two months due to the current global market volatility, according to a statement late Wednesday (Apr 9).
The IPO was expected to raise more than RM470 million (S$140 million) when launched in March.
The listing, initially planned for Apr 30, is now anticipated to be completed by Jun 24, Cuckoo Malaysia said.
“As the market presents near-term challenges, we believe that this is a prudent decision,” chief executive officer Hoe Kian Choon said.
“We remain confident in the company’s long-term prospects and is committed to maintaining the company’s momentum across all business segments.”
The company said it will allow investors who have submitted their applications to withdraw from the IPO. It will issue a supplementary prospectus and announce details of the withdrawal process in due course.
The rescheduling of the IPO came against the backdrop of volatile global markets triggered by escalating trade tensions.
US President Donald Trump declared overnight an immediate 90-day tariff pause for many countries but raised the levy on Chinese imports to 125 per cent. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
As luxury retail goes big, can Singapore’s Orchard Road keep up?
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
