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China-based lens supplier seeks primary listing on TWSE
Central News Agency
2014-06-28 07:56 PM
Taipei, June 28 (CNA) Kuangli Photoelectric Technology Co., a cover glass supplier for a wide range of applications, such as digital cameras and smartphones, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing, the TWSE said Saturday. The exchange said Cayman Island-incorporated Kuangli is the fourth overseas registered company to seek a listing on the main board so far this year. According to its prospectus filed with the TWSE, Kuangli, which has paid-in capital of NT$396 million (US$13.2 million), said it is planning to issue 6.09 million new shares in the listing and will reserve 10 percent of the new shares for its employees. Mega Securities, KGI Securities, First Securities and Yuanta Securities were named as the underwriters of the listing. Kuangli said it has tentatively set the issue price of the new shares at NT$50 and hopes to raise about NT$304 million in funds. It anticipated that the fundraising activity will be completed in the first quarter of next year. The company said it will use the proceeds from the share sale as working capital for future expansion, and would not rule out the possibility of making an acquisition to expand its production capacity. The prospectus showed that China Development Industrial Bank, the investment banking arm of Taiwan-based China Development Financial Holding Co., is Kuangli's largest shareholder with a 13.24 percent stake in the company. Kuangli has a production base in Kunshan, China. Taiwan accounted for 40.46 percent of its NT$1.14 billion in sales in 2013, while China made up 36.91 percent and South Korean represented 22.63 percent. Last year, Kuangli posted NT$139.33 million in net profit, or NT$3.52 in earnings per share, up from NT$99.14 million in net profit, or NT$2.51 in EPS, recorded a year earlier. In the first quarter, Kuangli had a net profit of NT$22.64 million, or NT$0.57 per share. (By Tien Yu-pin and Frances Huang)
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