1 week Ago By Nabiha Safian
KUALA LUMPUR: Cuckoo International (MAL) Bhd (Cuckoo Malaysia) has rescheduled its much-anticipated initial public offering (IPO) on the Main Market of Bursa Malaysia.Cuckoo Malaysia initially planned its listing for April 30. The listing is now expected to be completed by June 24 this year.
The company said the adjustment "is a proactive response" to ongoing global market volatility and underscores the company commitment to a well-considered, sustainable entry into the public market."As the market presents near-term challenges, we believe that this is a prudent decision," said its chief executive officer Hoe Kian Choon said in a statement today."We remain confident in the company long-term prospects and are committed to maintaining the company's momentum across all business segments," he added.
To facilitate the revised IPO timeline, Cuckoo Malaysia will be releasing a supplementary prospectus and implementing a subscription withdrawal period.This offers investors who have already submitted applications the opportunity to reconsider and withdraw, should they choose to do so.Cuckoo Malaysia said despite the updated schedule, the IPO application period remains active and will now close on June 5, ahead of the new listing date on June 24.
While the timeline has shifted, Cuckoo Malaysia reiterates its steadfast dedication to its mission of building healthier homes and promoting improved lifestyles for its customers as "a healthy home creator"."We are incredibly thankful for the continued trust and support of our stakeholders. This revised timeline ensures we can enter the market with strength, while staying true to our vision of creating healthier homes and lifestyles," it said.
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