Taiwan Stock Exchange Corp (TWSE) has approved Cayman -Islands-registered Eastern Technologies Holding Ltd’s (東科控股) application to list on the local bourse, the exchange regulator said yesterday.
In a statement posted on its Web site, TWSE said its listing committee had reviewed and agreed on the application of Eastern Technologies — the world’s biggest contract manufacturer of speaker systems — for a primary listing in Taiwan, paving the way for its potential listing before the end of the year.
The application still requires the approval of the Financial Supervisory Commission.
Eastern Technologies, whose products include speaker systems used in home theaters, headphones, mobile phones, computers, music centers and LCD TVs, submitted its application to the stock exchange in March.
However, neither the stock exchange nor -underwriter Yuanta Polaris Securities Co (元大寶來證券) disclosed the exact number of shares Eastern Technologies is planning to issue for its initial public offering.
The company, with paid-in capital of NT$540 million (US$18.25 million), has an office in New Taipei City’s (新北市) Sindian District (新店), an office in Hong Kong and several manufacturing plants in Huizhou in China’s Guangdong Province, its application showed.
Eastern Technologies’ major clients include LG Electronics Inc, Royal Philips Electronics NV, Sony Corp, Panasonic Corp and Yamaha Corp.
The company posted a net profit of NT$57 million, or NT$1.05 per share, in the first quarter of this year. That represented a jump of 585.98 percent from a year earlier, Yuanta said in a separate statement.
Consolidated revenue in the first three months rose 16.56 percent year-on-year to NT$1.05 billion, thanks to rising demand, higher unit prices and a slower rise in raw material costs, Yuanta said.
Eastern Technologies reported earnings per share of NT$3.01 last year, NT$3.54 in 2010 and NT$5.38 in 2009, according to TWSE.