Samling denies IPO plan

PETALING JAYA: Timber giant, Samling Group has denied speculation that it planned to undertake an initial public offering (IPO) of its automotive operations. 

“Samling is currently not planning the initial public offering of our automotive operation as reported,” CEO Lawrence Chia said in a statement. 

He also clarified that Samling did not have any financial interest in Wearnes or StarChase.

It was earlier reported that Samling was planning an IPO of its automotive operations that could raise more than RM1bil and that the group was working with advisers to explore a possible dual listing of the business here and Singapore later this year.

The report said that share sale could include Samling’s domestic car dealership division as well as operations under StarChase, a luxury auto distributor backed by the group’s controlling Yaw family.