Cuckoo International cuts IPO price by 16.3%
SINGAPORE: Household goods maker Cuckoo International has reduced its Malaysian initial public offering price by 16.3% to RM1.08 a share from RM1.29, a stock exchange filing showed on Wednesday.
That would reduce the size of its IPO to about RM394mil from around RM471mil.
Cuckoo International in April postponed the listing by two months citing global market volatility. The IPO, initially planned for April 30, is scheduled for completion by June 24.
Cuckoo International is 62.5% owned by South Korea-listed Cuckoo Homesys, its IPO prospectus showed. - Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
6 hours ago
- The Star
Russia signs investment deal with Myanmar, sees offshore oil and gas prospects
ST PETERSBUR (Reuters): Russia signed an investment agreement with Myanmar on Friday that it said could open up new opportunities for Russian energy companies in the south Asian country. "We especially note the readiness of the Myanmar side to attract Russian companies to the development of offshore oil and gas fields," Economy Minister Maxim Reshetnikov said after signing the agreement in St Petersburg with Kan Zaw, Myanmar's minister of investment and foreign economic relations. Russia said the deal would help accelerate projects including in Myanmar's Dawei special economic zone, where a 660 MW coal-fired thermal power plant is being developed. Russia has been building closer ties with Myanmar's military junta, which seized power in 2021 by toppling the elected government of Nobel peace prize winner Aung San Suu Kyi. The country is struggling with internal conflict, an economy in tatters, widespread hunger and a third of the nation's 55 million people in need of aid, according to the United Nations. Junta chief Min Aung Hlaing met Russian President Vladimir Putin in March and signed an agreement on construction of a small-scale nuclear plant in Myanmar. A month earlier, the two countries signed a memorandum on construction of a port and oil refinery in the Dawei economic zone. Friday's agreement will also facilitate cooperation in areas including transport infrastructure, metallurgy, agriculture and telecommunications, the Russian government said. (Reporting by Reuters, writing by Mark Trevelyan Editing by Gareth Jones) - Reuters
New Straits Times
8 hours ago
- New Straits Times
Malaysia exploring new palm oil markets amidst geopolitical conflicts
KOTA BARU: The government is exploring new markets for Malaysia's palm oil in an effort to reduce the nation's reliance on major exporting markets affected by geopolitical conflicts. Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said the ongoing Israel-Iran crisis and the Russia-Ukraine conflict have disrupted export shipments to certain zones. "Malaysia currently exports goods worth RM186 billion annually to global markets, including palm oil, but part of these markets are now considered high-risk due to armed conflicts. "As such, we are exploring new markets, namely, countries that have yet to purchase Malaysian palm oil or cooking oil. "This is crucial to ensure that our export levels remain stable," he said, adding that the country is currently trading with nearly 80 nations, with plans to expand its reach even further. Speaking to reporters after attending the 'Dialogue with KPK' programme at the Mara Poly-Tech College, Kota Baru here today, the minister also urged plantation operators and smallholders to work closely with the government to ensure the resilience of the national commodities sector on the global stage. He said planters and operators must work with the government to address challenges at the international level. "The European market is increasingly emphasising environmental sustainability and biodiversity-friendly practices in palm oil procurement. "To enter their markets, we must prove that our plantations meet their standards, comply with sustainability principles and preserve biodiversity," he said. Johari said that providing good service and meeting buyer requirements should be a priority to help turn new buyers into long-term customers. "We are asking them to buy more from us, but the service we provide is just as important," he said. — Bernama
The Star
8 hours ago
- The Star
Oil prices settle lower at the weekend as US sanctions ease fears of escalation in Iran
JAKARTA/SINGAPORE (Reuters): Oil prices settled down on Friday night as the US imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Donald Trump said he might take two weeks to decide US nvolvement in the Israel-Iran conflict. Brent crude futures settled down $1.84, or 2.33%, to US$77.01 a barrel. U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was down 21 cents, or 0.28%, at US$74.93. The more liquid August contract settled at $US73.84. Brent rose 3.6% on the week, while front-month US crude futures increased 2.7%. The Trump administration issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice posted to the U.S. Treasury Department website. The sanctions target at least 20 entities, five individuals and three vessels, according to Treasury's Office of Foreign Asset Control. "Those sanctions are cutting both ways. They may be part of a broader negotiation approach towards Iran. The fact they are undertaking this is a signal they are trying to resolve this outside of conflict," said John Kilduff, partner at Again Capital in New York. Oil prices jumped almost 3% on Thursday after Israel bombed nuclear targets in Iran, while Iran - OPEC's third-largest producer - fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war. Brent prices retreated after the White House said Trump would decide whether the United States would get involved in the Israel-Iran conflict in the next two weeks. "Although a major escalation is yet to occur, risks to supply from the region remain high, still hinging upon the potential for US involvement,' said Russell Shor, senior market analyst at Israel's UN ambassador said Israel seeks genuine efforts on Iran's nuclear capabilities from Friday's meeting between European and Iranian ministers, not just another round of talks. "However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans said. Iran in the past has threatened to close the Strait of Hormuz, a vital route for Middle East oil exports. Oil exports so far have not been disrupted and there is no shortage of supply, said Giovanni Staunovo, an analyst at UBS. "The direction of oil prices from here will depend on whether there are supply disruptions," he said. An escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil at $100 a barrel being a reality, said Panmure Liberum analyst Ashley Kelty. Elsewhere, the EU has abandoned its proposal to lower the price cap on Russian oil to $45, Bloomberg reported. U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report. The oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021. (Reporting by Georgina McCartney in Houston, Seher Dareen in London, Sudarshan Varadhan and Florence Tan; editing by David Evans, Jason Neely, David Gregorio, Leslie Adler, Rod Nickel) - Reuters
