TransAsia Airways (復興航空), one of Taiwan’s international carriers, has filed an application to list its shares on the Taiwan Stock Exchange, the exchange said on Thursday.
According to a prospectus of the company, TransAsia is planning to issue 22.22 million shares for the listing and has tentatively set the issue price at NT$18.
The company said it aims to raise about NT$400 million (US$14 million) in funds from the listing by the end of the fourth quarter to expand its fleet and generate more revenue amid growing demand.
TransAsia ordered 20 new passenger planes last year and this year. The delivery of eight of the aircraft on order, including two Airbus A330-300s, will begin in the fourth quarter of next year. Since November last year, TransAsia has been listed as an emerging stock on the GRETAI Securities Market, which operates the emerging market and the over-the-counter market in Taiwan.
Under the current regulation governing securities trading, a company is required to list itself on the emerging market for no less than six months before seeking approval for a listing on the main board or on the over-the-counter market.
TransAsia posted NT$917.66 million in net profit last year, compared with NT$12.86 million recorded in 2009, while its earnings per share last year stood at NT$1.91, up from NT$0.03 a year earlier.
In the first quarter of this year, the company’s net profit totaled NT$130.41 million with an earnings of NT$0.27 per share. Market observers said as the carrier is quite profitable, the tentatively set issue price of NT$18 appears attractive.
In addition, they said, with the local main board having only two airline stocks — China Airlines (中華航空) and EVA Airways (長榮航空) — the presence of TransAsia is expected to trigger further buying interest in the airline sector, which has been bolstered by increasing demand across the Taiwan Strait.
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