Singapore-listed Yangzijiang Shipbuilding Holdings Ltd (揚子江船業控股) has gained approval from the Financial Supervisory Commission to seek a secondary listing on the bourse by issuing Taiwan Depository Receipts (TDR).
The commission’s Securities and Futures Bureau said on its Web site yesterday that it gave the green light to Yangzijiang Shipbuilding to issue 240 million TDRs on the Taiwan Stock Exchange.
The total number of TDR units to be issued is twice the amount of the planned 120 million units the Chinese shipbuilder announced in an earlier statement to the Singapore Exchange.
The commission said the company’s TDR offering represented an aggregate of up to 100 million new common shares and up to 20 million vendor shares to its major shareholder Mediterranean Success Group Inc via a private placement, meaning that each TDR represents 0.5 common shares in Yangzijiang Shipbuilding.
The commission’s approval came after the shipbuilder received the green light from the nation’s central bank and the stock exchange on the TDR offering plan earlier this month.
Yangzijiang Shipbuilding now needs to win approval from the Singapore Exchange Securities Trading Ltd before it can launch the share sale in Taiwan.
SinoPac Securities Corp (永豐金證券), the issue manager to Yangzijiang Shipbuilding and lead underwriter of the proposed TDR offering, said on May 24 that the shipbuilder planned to raise US$100 million in the proposed TDR sale in the second half of this year.
The company, which has been manufacturing different kinds of commercial vessels in Jiangyin, Jiangsu Province, since 1956, is one of China’s largest shipbuilders.
Its net profit grew 21 percent year-on-year to 586 million yuan (US$86.4 million) in the first quarter and posted a net profit of 2.29 billion yuan for all of last year, according to the company’s Web site.
After it makes its Taipei debut sometime this quarter, Yangzijiang Shipbuilding is likely to become the fifth firm to list TDRs on the bourse this year following Kith Holdings Ltd (僑威控股), Global Sweeteners Holdings Ltd (大成糖業控股), Good Friend International Holdings Inc (友佳國際) and Hwa Fong Rubber Co’s (華豐橡膠) Thailand subsidiary.
A total of 18 overseas companies are currently trading TDRs in Taiwan, Taiwan Stock Exchange’s data showed.
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