Hong Kong-listed Sandmartin International Holdings Ltd (聖馬丁國際控股) announced yesterday it would offer 148 million Taiwan Depositary Receipts (TDR) at NT$8 each.
“Based on estimated expenses of about HK$3.5 million [US$451,000] for the TDR issue, the company will be able to raise approximately HK$207.46 million gross proceeds and HK$203.96 million net proceeds from the issue,” Sandmartin International said in a regulatory filing.
The company would use the proceeds for research and development, the purchase of digital TV front-end equipment and general capital requirements, it said.
The company yesterday sealed an underwriting agreement with Grand Cathay Securities Corp (大華證券).
Grand Cathay said the 148 million TDRs were backed by 108 million new shares and 40 million existing shares.
Trading of the TDRs will begin on Dec. 18, the securities firm said.
Sandmartin’s principal activity is designing, manufacturing and distributing satellite TV reception products and communication related products. The price of the TDR represented a discount of approximately 13.1 percent to the shares’ closing price of HK$2.21 yesterday.
The company is one of several overseas listed companies that have applied for, or been considering, a secondary listing on Taiwan’s bourse by issuing TDRs, as the nation tries to boost domestic capital markets.
Based on Taiwan Stock Exchange Corp data, there are eight overseas companies currently trading TDRs on the local bourse, including the newly listed solar-energy parts maker Solargiga Energy Holdings Ltd (陽光能源控股).
Hong Kong-listed Solargiga began trading 100 million TDRs yesterday, which closed at NT$10.1 per TDR after they were priced at NT$9.45.
The company planned to use the NT$945 million (US$29.3 million) raised from the TDR issue for expansion.
Tingyi Holding (Cayman Islands) Corp (康師傅控股), China’s biggest maker of packaged food, will start trading TDRs on Wednesday and decorative light manufacturer Neo-Neon Holdings Ltd (真明麗控股) will list on Dec. 22.
Meanwhile, the Financial Supervisory Commission yesterday approved a Singapore-listed aquaculture production and abalone processing company’s application to issue up to 200 million TDRs.
The Oceanus Group Ltd (歐聖集團), which last month gained approval from the Taiwan Stock Exchange and the central bank to trade on the bourse, plans to supplement 100 million existing shares with an issue of 100 million new shares, the commission’s statement said.
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