OSIM International Ltd, a -Singapore-based massage chair producer, is seeking approval from the Taiwan Stock Exchange (TWSE) to list Taiwan depositary receipts (TDR), the TWSE said Friday.
According to the company’s prospectus, it is planning to issue 85 million TDRs — each one would represent 0.5 common shares of Singapore-listed OSIM — after it submits an application with the TWSE.
OSIM said it expects to raise about NT$1.77 billion (US$58.77 million) from the TDR listing and plans to use the proceeds to develop specialty retail outlets for personal care and sports-related products in a bid to expand the company’s operations in China.
In addition to massage chairs, OSIM’s products include vitamins and food supplements, slimming belts, head massagers, neck and shoulder massagers, fitness equipment, foot reflexology rollers, pulse and hand-held massagers and diagnostic equipment.
The company has established 1,111 retail outlets in 30 countries, including Singapore, Taiwan, Hong Kong, China, Malaysia and the US.
OSIM has been in the Taiwan market for 23 years and the company said the TDR listing is expected to further strengthen public awareness of the OSIM brand in Taiwan.
OSIM operates 251 retail shops in 40 Chinese cities.
The company said it can capitalize on its experience and contacts in China and can take advantage of the fast-growing Chinese economy.
In the first nine months of this year, OSIM posted approximately NT$762 million in net profit, up 118 percent from a year earlier, the TWSE said.