Mon, Oct 08, 2012 - Page 13 News List

China-based firms file application with TWSE

Staff writer, with CNA

Two China-based manufacturers have filed applications with the Taiwan Stock Exchange (TWSE) for a primary listing on the main board, the exchange said on Saturday.

Airmate (Cayman) International Co Ltd (艾美特), which currently produces home appliances, such as electric fans, heaters and air cleaners, from its production base in Shenzhen, is planning to issue 12.25 million new shares in the listing.

According to the company’s prospectus, Airmate aims to raise about NT$735 million (US$25.08 million) from the new share sale after tentatively setting the issue price at NT$60.

The home appliance maker said it intends to use the funds primarily as working capital for future expansion, while assigning part of the funds to repay its bank loans.

Airmate provides a wide range of original design manufacture services to many international brands, such as Sharp, Samsung, Yuasa, Toto and Vornado, and it also launched its own branded products in 1997.

Last year, 45 percent of the company’s sales were made in the China market, and the ratio is expected to rise to more than 50 percent this year.

Last year, Airmate had a net profit of NT$204 million, or NT$0.9 per share on sales of NT$10.43 billion, compared with a net loss of NT$47.88 million, or NT$0.23 per share, in 2010, according to the company’s prospectus. In the first half of this year, Airmate posted a net profit of NT$432 million, or NT$1.91 per share, according to the prospectus.

The other company, Casetek Holdings Ltd (鎧勝控股), a contract computer component maker in China, is planning to issue up to 35 million new shares for its primary listing, while reserving 10-15 percent of the new shares for its employees.

Casetek, which is registered in the Cayman Islands, is expected to raise about NT$2.21 billion from the new share sale as working capital after tentatively setting the issue price at NT$63, according to the company’s prospectus.

With production facilities in Shanghai and Suzhou, Casetek manufactures a wide range of metal mechanical parts for computer, communications and consumer electronics product use.

Casetek has also set up subsidiaries in Taiwan and Samoa to handle orders from overseas and manage raw material procurements.

Last year, Casetek posted a net profit of NT$112 million, or NT$0.47 per share, down from a net profit of NT$632.57 million, or NT$3.06 per share, in 2010, according to the prospectus.

In the first six months of this year, the company made NT$807 million in net profit, or NT$3.18 per share.

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