Want Want China Holdings Ltd (中國旺旺控股), the largest maker of rice cakes in China, raised NT$3.26 billion (US$96.43 million) after pricing its depositary receipts in Taiwan at the top of the range.
The Shanghai-based company controlled by Taiwanese billionaire Tsai Eng-meng (蔡衍明) sold 210 million Taiwan depositary receipts at NT$15.50 each, the company said in a filing to Hong Kong’s stock exchange yesterday. The stock had been offered at between NT$12.50 and NT$15.50 each, underwriter Grand Cathay Securities Corp (大華證券) said in a statement on April 13.
Want Want is taking advantage of a relaxation in rules to encourage Taiwanese companies that expanded in China to sell shares in Taiwan. President Ma Ying-jeou (馬英九) is acting on election promises to boost Taiwan’s economy by strengthening commercial ties with China.
“The good response for the Want Want offering indicates investor confidence in the Taiwan stock market,” said Bill Huang, a trader at KGI Securities (凱基證券). “With better relations with China, we can expect many more Taiwan businesses coming back to list in Taiwan.”
The company, also China’s largest maker of flavored milk, said on March 4 profit rose 43 percent last year as it sold more rice crackers.
Want Want China Holdings withdrew from its Singapore listing in September 2007 and raised HK$8.15 billion (US$1.1 billion) on the Hong Kong exchange last March. The company founded in Taiwan and incorporated in the Cayman Islands is 51.1 percent owned by Tsai.
The shares sold by Want Want China Holdings in Taiwan were owned by Norwares Overseas Inc, the second-largest shareholder with 9.77 percent before the sale. The stock will start trading in Taiwan next Tuesday.
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