Cuckoo Malaysia delays IPO due to volatile global market
SINGAPORE, April 10 (Reuters) - Household goods maker Cuckoo International (MAL) Bhd (IPO-CUCK.KL), opens new tab is postponing its initial public offering on the Malaysian stock exchange by two months due to the current global market volatility, according to a statement late Wednesday.
The IPO was expected to raise more than 470 million ringgit ($105.22 million) when launched in March.
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The listing, initially planned for April 30, is now anticipated to be completed by June 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 in the statement.
"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.
U.S. President Donald Trump declared overnight an immediate 90-day tariff pause for many countries but raised the levy on Chinese imports to 125%.
($1 = 4.4670 ringgit)
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