KUALA LUMPUR: Samling Group has refuted reports that it is preparing for an initial public offering of its automotive operations that could potentially raise RM1 billion.
In a statement, the timber giant chief executive officer Lawrence Chia said the company currently has no plans to list its automotive operation.
“We would like to clarify that Samling does not have any financial interest in Wearnes or StarChase,” she added.
A newsreport, citing sources, said Samling is working with advisers to explore a possible dual listing of the business in Kuala Lumpur and Singapore later this year.
The listing could include Samling’s domestic car dealership division as well as operations under StarChase, the report further said that.
It claimed that StarChase, quoting sources, is a luxury auto distributor backed by Samling’s controlling Yaw family.