Wed, Nov 27, 2013 - Page 14 News List

Teco’s Pelican to list on Taiwan Stock Exchange

By Amy Su  /  Staff reporter

Taiwan Pelican Express Co Ltd (台灣宅配通), a unit of Teco Group (東元集團) specializing in door-to-door delivery services and logistics, is scheduled to list on the Taiwan Stock Exchange on Dec. 12.

The company aims to offer 9.47 million shares via the listing plan, with the price of the initial public offering tentatively set at NT$43 per share, according to its underwriter, KGI Securities Co (凱基證券). The listing will help finance the company’s investment next year, it said.

“This will make us the first delivery service provider listing on Taiwan’s securities market,” Taiwan Pelican chairwoman Sophia Chiu (邱純枝) told an investors’ conference yesterday.

Taiwan Pelican was the first delivery service provider founded in Taiwan in 2000, as part of a deal between Teco and Nippon Express Co — one of Japan’s largest international freight forwarders.

Taiwan Pelican remains one of three largest freight forwarders in Taiwan, with three hubs in northern, central and southern Taiwan.

After listing on the main board, Chiu said the company plans to invest NT$500 million (US$16.86 million) to NT$1 billion next year establishing its fourth hub in Taiwan, as well as upgrading its fleet and logistics facilities.

Meanwhile, Taiwan Pelican president Eric Lu (呂力行) cited logistics and one-station services as the biggest driver of growth, helping the firm gain various major clients and build long-term partnerships.

The customer-to-customer business is to be the company’s next target sector as it pursues stronger profitability amid tough competition in the market, Lu added.

Taiwan Pelican’s consolidated sales were NT$2.13 billion in the first nine months of the year, up 0.79 percent from a year earlier, the company said in a filing to the stock exchange.

Total net income was NT$132.94 million, or NT$1.55 per share, in the first nine months of the year, compared with NT$153.88 million, or NT$1.79 per share, a year earlier, statistics showed.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top