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Friday, March 29, 2024

Cal-Comp vows to sustain expansion

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Electronics manufacturer Cal-Comp Technology (Philippines). Inc said its growth and expansion plans for the Philippines remain on track, despite its decision to defer the planned P6.77-billion initial public offering.

“Despite this deferment, our growth and expansion plans in Philippines remain on track. We will continue to invest in the Philippines, bringing more business to country, hiring and training more local talents, and introducing our innovative products to the Philippine market,” Cal-Comp said in a statement.

Manila Standard on Monday reported that Cal-Comp decided to defer its IPO to next year given the poor market conditions this year.  This was confirmed by Cal-Comp.

Cal-Comp said while it received the official pre-effective letter from the Securities and Exchange Commission on its registration statement for the planned IPO, the company decided to defer its maiden share offering due to current market conditions and investor sentiment of the market. 

“We believe that deferring our IPO will better realize the value of our company for our shareholders and for the investing public. We will resume our IPO at an appropriate time in the future depending on overall market conditions,” Cal-Comp said. 

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