Chinese liquor maker Dukang Distillers Holdings Ltd (杜康控股) is debuting Taiwan Depositary Receipts (TDRs) today, which will make it the first alcohol stock on the local bourse.
Dukang will issue 130 million TDRs — with each representing one common share of its Singapore-listed stock — at NT$18.65 apiece, garnering proceeds of more than NT$2.4 billion (US$81.6 million).
The company said it is using the proceeds to expand storage and production capacity, to explore partnership opportunities in Taiwan and to set up a sales office here.
Deals have been inked with Taiwanese liquor corporations, with tentative plans to market their brands in Taiwan and China, the firm’s investor relations executive Ngo Yit Sung (吳逸松) said yesterday.
He said the establishment of a Taiwanese office would serve as a springboard for further expansion.
The firm, which acquired Luoyang Dukang Holdings Ltd (洛陽杜康) last year to gain access to the vintage liquor brand, also plans an extra 18,144 tonnes of grain alcohol storage, and to revive 1,710 unused fermentation pools.
Dukang saw pre-tax earnings jump 64 percent to 97.5 million yuan (US$14.8 million) in the first six months of its current fiscal year, which began on July 1 last year.
Revenue advanced 95.3 percent to 653.2 million yuan during the same period, while gross margins were up by 3 percentage points to 33.5 percent.
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