Serial System Ltd, a Singapore-based electronics components distributor, is set to issue 28 million units of Taiwan depositary receipts (TDRs) early next month to fund its expansion in the Asia-Pacific region.
One TDR will represent three of its common shares, according to a company statement, without stating the price per unit.
The stock closed down 1.87 percent at S$0.16 in Singapore yesterday.
Proceeds from the TDR issue will be used to fund its regional expansion, especially in newer markets such as Taiwan and India, Serial System executive director Peter Ho (何一勤) said at a press briefing.
Serial System distributes semiconductors and components from more than 50 companies, including Texas Instruments Inc, Osram Korea Co and Avago Technologies Ltd. The company said it is the largest such distributor in Singapore and South Korea and ranks among the top three in China.
As of June 30, Serial System had 54 sales offices in the Asia-Pacific region, with seven being added this year. It intends to open four more offices in the second half of the year — two in China and one each in Taiwan and India, Ho said.
Serial System posted earnings of S$7.1 million (US$1.37 million) for the first half of the year, up from S$6.5 million during the same period last year. Revenues expanded to S$396.3 million from S$371 million.
In other news, Parade Technologies Ltd (譜瑞科技), a fabless semiconductor company located in San Jose, California, went public on the GRETAI Securities Market yesterday, becoming the second Intel Capital portfolio company to hold an initial public offering (IPO) in Taiwan in the past two weeks.
Parade Technologies focuses on innovation in display-interface technology to help consumer electronics and computing devices keep pace with user demand for high-performance, high-definition displays, according to a statement from Intel Capital, a venture capital arm of global chip giant Intel Corp.
Parade Technologies is the second Intel Capital’s portfolio company to launch an IPO in Taiwan this year. The first, Gudeng Precision Industrial Co (家登精密), went public on the GRETAI Securities Market on Aug. 31.
Intel Capital made its first investment in Parade Technologies in 2007, followed by an additional investment in 2009.
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