The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
South Korea’s Cuckoo Holdings Co. is planning to raise as much as 750 million ringgit (US$172 million) through an initial public offering (IPO) of its Malaysian unit, Cuckoo International (Mal) Sdn., in Kuala Lumpur as early as next year, according to sources familiar with the matter.
The IPO could value the Malaysian unit at up to 3 billion ringgit, though details such as the size and timing of the offering could still change, the sources noted.
Founded in 2014, Cuckoo International started as a distributor of rice cookers and water purifiers in Malaysia. Since then, the company has expanded its product lineup to include air purifiers, kitchen appliances, and other home products. Cuckoo's parent company, traded in Seoul, has seen its shares rise about 47% this year.
According to a recently filed IPO prospectus, Cuckoo plans to sell up to 222 million existing shares and about 143 million new shares, with the final pricing yet to be determined.
Other companies, including Sunway Healthcare Group, MMC Port Holdings Bhd., and OCI Holdings Co.’s local polysilicon unit, are also considering IPOs in Kuala Lumpur next year. Malaysia’s IPO market has been active, hosting 38 IPOs in 2024 that have raised about $1.4 billion, a significant increase from the 20 IPOs totaling $569 million in the same period of 2023, according to Bloomberg data.
RHB Investment Bank Bhd. and AmInvestment Bank Bhd. are coordinating the Cuckoo Malaysia IPO, according to the prospectus.
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