Construction and civil engineering contractor SFK Construction finally decided yesterday to withdraw its initial public offering. The decision was made three trading days after it closed the order book last Wednesday and came on a day when the Hang Seng Index lost another 4.3% to close only slightly above 24,000 points.
The management does not want to sell the shares too cheaply and the market seems to refuse to settle down, a source says on the question of why the company chose not to list now.
ôIt is unlikely for the stock to have a decent aftermarket performance at the moment,ö the source says.
SFK and its sole bookrunner ICEA were scheduled to fix the...
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