The fourth foreign company to become listed on the Taiwan Stock Exchange has been well-received, the company's CEO said yesterday.
"Our listing is oversubscribed by 30 percent," said David Kan (
Mustek is listed on the TAIEX under the reference number 9104.
Mustek will officially issue 20 million Taiwan depositary receipts (TDRs) today, a means by which foreign companies can list in Taipei, for NT$18 each. The total issuance is worth NT$360 million.
Kan, who is Taiwanese, chose to list in Taipei for more than nationalistic reasons, he said.
"Taiwan's index is one of the most heavily weighted towards tech in the world," he said.
A further reason for the listing is that the majority of Mustek's suppliers are located in Taiwan, and the TDRs will help to provide capital in local currency to pay them more efficiently.
Singapore's ASE Test Ltd (福雷電子), Eastern Asia Technology Ltd (東亞科技) and Medtecs International Corp (美德向邦) were the first three companies from overseas to issue TDRs in Taiwan.
Founded in the Republic of South Africa in 1987, Mustek sells PCs under the brand name Mecer in all countries south of the Sahara Desert. The company ships around 1 million PCs annually and holds the No.1 position in the region, ahead of Dell Computer Corp and International Business Machines Corp, according to research firm IDC.
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