Given the short-term uncertainty prevailing in the capital markets as well as the power outages expected to continue during the month of April, the Board of CL Synergy has decided to postpone its initial public offering (IPO), which was scheduled to open on 7 April.
Through a press release, last morning (3), the company noted that the new dates will be notified once the short-term uncertainties prevailing in the market subside.
“The Board of Directors of CL Synergy are encouraged by the overall investor interest and response towards the IPO, especially from the high net worth individuals who have seen the value proposition and business model of CL Synergy.”
According to the company, whilst market conditions may have deteriorated, particularly in the last week, the Synergy business model is well intact and is ideally positioned in the present economic environment, with a majority of its revenue derived from US dollar earnings.
“Given that 70% of the company’s business volume comes from exporters, it is expected that the recent devaluation will significantly improve the competitiveness of their customers in global markets and in turn will result in a substantial freight volumes increase for CL Synergy,” the statement added.
CL Synergy postpones IPO in light of crisis
04 Apr 2022
CL Synergy postpones IPO in light of crisis
04 Apr 2022
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