All Cosmos Bio-Tech Holding Corp (全宇生技控股), a Malaysia-based fertilizer manufacturer, has filed an application with the Taiwan Stock Exchange (TWSE, 台灣證交所) for a primary listing on the main board, the TWSE said on Saturday.
The fertilizer supplier was the eighth foreign-registered company to seek a primary listing on the TWSE last year.
According to the prospectus of All Cosmos, which is incorporated in the Cayman Islands and is currently capitalized at NT$500 million (US$17.18 million), the company intends to issue 6.67 million new shares in the listing, with 15 percent of the new shares reserved for its employees.
All Cosmos said the issue price has been tentatively set at NT$40 per share. It hopes to raise about NT$267 million as working capital to expand its business and repay bank loans.
The fundraising activity is scheduled to be completed by the second quarter of this year, the company said.
SinoPac Securities Co (永豐金證券) and Oriental Securities Co (亞東證券) are underwriting the listing.
All Cosmos, set up by Taiwanese investors, operates two production bases in Malaysia and China, where its facilities produce 150,000 tonnes and 30,000 tonnes of fertilizer a year respectively.
The company aims to add of production capacity 300,000 tonnes in Malaysia, it said.
Malaysia and China are All Cosmos’ two major markets, but the company is also hoping to gain footholds in other Asian countries, such as Indonesia, Vietnam, Thailand, South Korea, Cambodia and Taiwan.
In 2011, All Cosmos posted a net profit of NT$161.51 million, or NT$5.41 in earnings per share, compared with NT$140.89 million in net profit, or NT$4.70 per share, in 2010.
In the first nine months of last year, the fertilizer manufacturer had a net income of NT$118.63 million, or NT$2.41 per share.