Compal Electronics Inc (
The company made the remark after a Chinese-language media reported yesterday that Arcadyan Technology Corp (
"The listing of Arcadyan Technology will be in Taiwan," Compal spokesman Gary Lu (呂清雄) said during a telephone interview yesterday.
It was still too early to talk about the details of the listing, as the board had not given the green light, he said.
Share swap
The Commercial Times reported yesterday that Compal was mulling an initial public offering (IPO) for Arcadyan in Hong Kong, through a share swap with a foreign holding company within the Compal group.
The paper added that this would be the first overseas IPO for a subsidiary of the group.
Arcadyan will likely increase its capital to as much as NT$900 million (US$27 million), from the current NT$700 million, through open subscription before the second quarter, the paper said, adding that the company would release 25 percent to 30 percent of its stock for an IPO debut in Hong Kong in the second half.
Arcadyan had originally planned for a listing on the Emerging Stock Market (興櫃市場) in the second quarter and to list on the main bourse next year, but this had been pushed forward to enable it to adapt to the expanding Chinese market, the Commercial Times reported.
Arcadyan posted sales of NT$7.5 billion last year, up from NT$5 billion in 2005, Lu said.
Compal stocks closed down 1 percent yesterday at NT$29.65 on the Taiwan Stock Exchange.
A number of local businesses have chosen to launch IPOs in Hong Kong to bypass the government's investment rules on China -- the nation's largest investment destination.
The Hong Kong's Hang Seng Index rose approximately 34 percent last year, while the TAIEX gained about 19 percent.
Takeover
Compal announced last August it would buy Arcadyan for NT$984 million.
Compal bought 26.6 million shares at NT$37 per share for a 69 percent stake in Arcadyan, which was previously fully owned by Accton Technology Corp (智邦科技).
The share purchase and Arcadyan's Internet protocol technology gave Compal the capability to create a complete wireless communications business in areas of digital multimedia home applications and dual-mode phones.
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