Singapore: Mr DIY Group, Malaysia’s biggest home improvement retailer, is considering postponing its planned initial public offering (IPO) after the country’s equities market tumbled, according to sources.
The company would finalise a decision on the share sale plan as soon as this week, said the sources.
The retailer initially planned to start the IPO at the end of this month, with a target to raise about US$500mil, the sources said.
Malaysian stocks saw their 12-year bull run end last week on concern about the coronavirus outbreak and Tun Dr Mahathir Mohamad’s surprise resignation.
His move kicked off a week of horse-trading as rival camps jostled to fill the power vacuum. By Saturday, the king had appointed Tan Sri Muhyiddin Yassin as prime minister.
Mr DIY could still revive its share sale plan as deliberations are ongoing and if market conditions improve, the sources said.
A representative for Mr DIY didn’t immediately respond to requests for comment. — Bloomberg
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