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Bloomberg
Mr DIY Group, Malaysia’s biggest home improvement retailer, is considering postponing its planned initial public offering after the country’s equities market tumbled on political uncertainty, according to people familiar with the matter.
The company will finalise a decision on the share sale plan as soon as this week, said the people, who asked not to be identified as the discussions are private. The retailer initially planned to start the IPO at the end of this month, with a target to raise about $500 million, the people said.
Malaysian stocks saw their 12-year bull run end last week on concern about the virus outbreak and Mahathir Mohamad’s surprise resignation. His move kicked off a week of horse-trading as rival camps jostled to fill the power vacuum. By February 29, the king had appointed Muhyiddin Yassin as PM.
Mr DIY could still revive its share sale plan as deliberations are ongoing and if market conditions improve, the people said. A representative for Mr DIY didn’t immediately respond to requests for comment.