Wed, Dec 01, 2010 - Page 12 News List

Fantasia Holdings aims to issue TDRs

By Kevin Chen  /  Staff reporter

The Hong Kong-listed Fantasia Holdings Group Ltd (花樣年控股集團) has submitted its application with Taiwan’s central bank and stock exchange to seek a secondary listing on the local bourse by issuing Taiwan Depository Receipts (TDR).

The Cayman Islands-registered property developer and property-related services provider made the announcement in a filing with Hong Kong Exchanges and Clearing Ltd yesterday.

MILLIONS OF UNITS

The company said it planned to issue up to 120 million TDR units in Taiwan and up to 240 million of its new common shares, meaning that each TDR represents 2 common shares in Fantasia Holdings, the filing showed.

FIRST DEVELOPER

Taiwan Stock Exchange (TWSE, 台灣證交所) said yesterday it had received the TDR application, adding that Fantasia Holdings would be the first overseas property developer to trade its shares in Taiwan, if the company receives green light from the TWSE, the central bank and the Financial Supervisory Commission’s Securities and Futures Bureau.

The company said it had not decided yet what the issue price per TDR would be. However, it said it would use all proceeds raised from the sale of TDRs to establish a Taiwan subsidiary and spend about NT$1.2 billion (US$39 million) in tourism development in the outlying island of Kinmen.

KINMEN PROJECT

“The board intends to use the net proceeds from the TDR issue to cooperate with Astro Corp (泰偉電子) and jointly develop a tourism and vacation resort in Kinmen,” the filing said.

Jih Sun Securities Co (日盛證券) will serve as Fantasia Holdings’ underwriter to manage the TDR sale.

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