Earlier on, YLF Group Marketing, the producer of Pikin plum candies had announced its decision to withdraw from IPO listing in Singapore, blaming it on the tough market conditions brought by US tariffs.
YLF CEO Lee Tee Wei mentioned, “Circumstances such as the US import duty tariffs have made the market unfavourable for IPO. Market sentiment has also been badly shaken in light of this uncertainty.”
YLF has earlier stated that it hopes to use the funds from the IPO proceeds to expand its product mix, grow its overseas distribution network and pursue strategic acquisitions or joint ventures.
YLF started its business in Singapore and built its first production facility in Johor, Malaysia. Its major markets include Singapore, Malaysia and Thailand, with expansion plan in Vietnam.
For the 9 months ended September 2024, YLF recorded 42% plunge in net profit from S$3.4 million (US$2.6 million) to S$2 million (US$1.54 million) a year ago.
The latest agreement between US and China to temporarily cut their tariffs for a 90-day period could signify good news for companies that have trade or business presence in either of these countries, but nevertheless the tariffs is expected to remain in place and will definitely have a long-term impact on the global economy.
