Davis Commodities Limited (Nasdaq: DTCK), a leading agricultural commodity trading company specializing in sugar, rice, and oil and fat products, has issued a letter to shareholders from Ms. Li Peng Leck, Executive Chairwoman and Executive Director of the Company.
Dear Shareholders,
As we celebrate our 25th anniversary in 2024, Davis Commodities Limited reflects on a year of significant achievements and global expansion since our establishment in 1999. The highlight of the past year was the successful Nasdaq listing, a culmination of our dedicated efforts and remarkable accomplishments. We extend our heartfelt gratitude to our shareholders for their enduring trust and attention throughout the years.
The year 2023 showcased our resilience in the face of challenges such as high market volatility and economic uncertainty. Our financial performance remained robust, and the restructuring of our business at the beginning of 2024 sets the stage for a year of gathering momentum and future growth. In 2024, our commitment remains strong to upgrade our business model, deliver greater value, and maintain a focus on offering quality products to our customers.
We are pleased to share our achievements from the past year and our outlook for 2024.
Our Achievements in 2023
Nasdaq Listing Marks a New Chapter in our Journey of Global Expansion
On September 21, 2023, we successfully completed our initial public offering (the “Offering”) of 1,250,625 ordinary shares at a public offering price of $4.00 per ordinary share. This included 163,125 ordinary shares issued pursuant to the full exercise of the underwriters’ over-allotment option. The gross proceeds of the Offering, including the over-allotment shares, totaled approximately $5 million before deducting underwriting discounts and related expenses. The ordinary shares began trading on the Nasdaq Capital Market on September 19, 2023, under the symbol “DTCK.”
The Nasdaq listing marks a significant milestone, ushering in a new era of global development and amplifying our growth potential on the international stage. We anticipate leveraging this opportunity to pursue strategic partnerships and optimize our business, enhancing our competitiveness in the evolving global market.
Our Key Strategies and Initiatives in 2024
Strategic Consolidation to Streamline Operation and Bolster Growth
On September 15, 2023, Davis Commodities Pte. Ltd. was established as a wholly-owned subsidiary of Maxwill Pte. Ltd. We are in the process of consolidating the current business operations of Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., and Maxwill Foodlink Pte. Ltd. into Davis Commodities Pte. Ltd. This strategic consolidation aims to enhance
operational efficiency, improve resource utilization, leverage synergies for growth, and increase market competitiveness. As of the date of this letter, our corporate structure is as follows:
[Include details of the current corporate structure]
In conclusion, Davis Commodities Limited is poised for a dynamic year ahead, building on the successes of 2023 and embracing new opportunities for growth and expansion. We appreciate the ongoing support of our shareholders and look forward to delivering sustained value in the years to come.
Sincerely,
Ms. Li Peng Leck Executive Chairwoman and Executive Director Davis Commodities Limited
