Mon, Aug 15, 2011 - Page 11 News List

Multi Sports plans Taiwan depository receipts issue here

Staff Writer, with CNA

Multi Sports Holdings Ltd (華運中國控股), a Malaysia-listed manufacturer, has filed an application with the Taiwan Stock Exchange to issue Taiwan depositary receipts (TDRs) on the main board, the exchange said on Friday.

Multi Sports is planning to issue 22.50 million TDRs, each representing three common shares in the company, which has been listed on the Bursa Malaysia since 2009, the exchange said.

According to the company’s prospectus, Multi Sports expects to raise NT$301.5 million (US$10.4 million) from the TDR listing as it has tentatively set the issue price at NT$13.40.

The company said it would use the proceeds from the TDR sale as its working capital to purchase production equipment in China, where Multi Sports has a huge manufacturing base.

Through the TDR listing, Multi Sports aims to boost its competitiveness and its international reputation.

Multi Sports, founded in 1993, operates in Jinjiang, Fujian Province, which is called “China’s shoe city.” The company specializes in design, production and sale of quality soles for sports shoes.

Last year, Multi Sports posted NT$746.06 million in net profit, with a gross margin of 32.40 percent and a net margin of 27.39 percent.

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