Taiwan Pelican Express listing approved by TWSE

Staff writer, with CNA

Sat, Sep 21, 2013 - Page 14

Taiwan Pelican Express Co (台灣宅配通) has obtained approval from the Taiwan Stock Exchange (TWSE) to list on the main board, the exchange said on Thursday.

The company is planning to issue 9.47 million new shares for the listing and has tentatively set the issue price at NT$28, according to its prospectus.

KGI Securities Co (凱基證券) and MasterLink Securities Corp (元富證券) will serve as the underwriters of the listing, the prospectus said.

Taiwan Pelican shares have been traded on the Emerging Stock Market since December last year. The company was incorporated in September 1999 and is currently capitalized at NT$860 million (US$29.1 million).

Under local securities listing rules, a company has to be on the Emerging Stock Market for at least six months before it can seek a listing on the main board or the over-the-counter market.

Taiwan Pelican said door-to-door delivery services accounted for 77.83 percent of its NT$2.54 billion in sales last year, while logistics services made up 20.49 percent. All of its revenue was generated in Taiwan, it said.

Home appliance supplier Teco Electric & Machinery Co (東元電機) is one of Taiwan Pelican’s major institutional shareholders.

Last year, Taiwan Pelican posted NT$242.95 million in net profit, or earnings per share of NT$2.83, compared with NT$215.48 million in net profit, or NT$3.22 per share, the previous year.

Earnings per share for the first half of this year stood at NT$1.22.