Davis Commodities Limited Releases 2024 Chairwoman Letter to Shareholders

SINGAPORE, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Davis Commodities Limited (Nasdaq: DTCK) (the "Company" or "Davis Commodities"), an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products, today released the following letter to shareholders from Ms. Li Peng Leck, Executive Chairwoman and Executive Director of the Company.

Dear Shareholders,

Celebrating our 25th anniversary in 2024, Davis Commodities Limited has grown and prospered since its inception in 1999. This past year has marked a milestone in our global expansion, highlighted by our successful Nasdaq listing, a culmination of our dedicated efforts and remarkable achievements. Throughout the years, we have been greatly supported by our shareholders, and we are sincerely grateful for your enduring trust and attention.

We are proud of what we have achieved in 2023. Our financial performance has demonstrated strong resilience against headwinds, such as high market volatility and economic uncertainty. The restructuring of our business at the beginning of 2024 also heralds a year of gathering momentum for future growth. In 2024, we intend to continue to upgrade our business model to deliver greater value and remain committed to offering quality products to our customers.

We’re pleased to share with you our achievements over 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 completed our initial public offering (the “Offering”) of 1,250,625 ordinary shares at a public offering price of $4.00 per ordinary share, including 163,125 ordinary shares issued pursuant to the full exercise of the underwriters’ over-allotment option. The gross proceeds of the Offering, including the proceeds from the sale of the over-allotment shares were approximately $5 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on the Nasdaq Capital Market on September 19, 2023, under the symbol “DTCK.”

We believe the successful listing ushers in a new era of our global development, amplifying our growth potential in a global landscape. We expect to leverage the opportunity to pursue strategic partnerships and optimize our business in building up our competitiveness in the shifting international 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 shifting the current business operations of Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., and Maxwill Foodlink Pte. Ltd. to Davis Commodities Pte. Ltd. This strategic approach was conducted to enhance the 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: