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Wednesday, 17 June 2009
Combine Will to spin off unit for Kosdaq listing
China-based Combine Will International Holdings, which is listed on the Singapore Exchange (SGX) mainboard, is planning to spin off its moulds and tooling segment through a listing on the Korean Securities Dealers Automated Quotations (Kosdaq).
China-based Combine Will International Holdings, which is listed on the Singapore Exchange (SGX) mainboard, is planning to spin off its moulds and tooling segment through a listing on the Korean Securities Dealers Automated Quotations (Kosdaq).
The group has appointed Shinyoung Securities, a leading securities firm in South Korea, as the lead manager and underwriter of the proposed initial public offering (IPO).
The listing will involve a principal subsidiary, which will be the holding unit of the moulds and tooling segment.
Combine Will said the proposed listing will add to the value and growth potential of its moulds and tooling segment as it is big enough for a separate listing.
Investors will also be able to evaluate the financial performance of this business unit more readily and have the opportunity to invest directly in it.
‘With a listing in Korea, our moulds and tooling business will be able to gain financial autonomy and directly access capital markets in Korea to fund its existing operations and future expansion,’ said executive chairman Dominic Tam. ‘By raising its profile, we believe that our moulds and tooling business will also be in a more strategic position to tap business opportunities in Korea, particularly the heavy and light industries there,’ he added.
Commenting on the choice of a Korean listing, Mr. Tam said he believes the group’s track record as one of the largest suppliers of plastic injection and die-casting moulds in southern China will appeal to investors in South Korea.
The proposed listing will be subject to shareholders’ approval at a general meeting if it results in a reduction of stake in the principal subsidiary by 20 per cent or more, or if the move is a ‘major transaction’ or a ‘very substantial transaction’ under SGX listing rules.
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Combine Will to spin off unit for Kosdaq listing
China-based Combine Will International Holdings, which is listed on the Singapore Exchange (SGX) mainboard, is planning to spin off its moulds and tooling segment through a listing on the Korean Securities Dealers Automated Quotations (Kosdaq).
The group has appointed Shinyoung Securities, a leading securities firm in South Korea, as the lead manager and underwriter of the proposed initial public offering (IPO).
The listing will involve a principal subsidiary, which will be the holding unit of the moulds and tooling segment.
Combine Will said the proposed listing will add to the value and growth potential of its moulds and tooling segment as it is big enough for a separate listing.
Investors will also be able to evaluate the financial performance of this business unit more readily and have the opportunity to invest directly in it.
‘With a listing in Korea, our moulds and tooling business will be able to gain financial autonomy and directly access capital markets in Korea to fund its existing operations and future expansion,’ said executive chairman Dominic Tam. ‘By raising its profile, we believe that our moulds and tooling business will also be in a more strategic position to tap business opportunities in Korea, particularly the heavy and light industries there,’ he added.
Commenting on the choice of a Korean listing, Mr. Tam said he believes the group’s track record as one of the largest suppliers of plastic injection and die-casting moulds in southern China will appeal to investors in South Korea.
The proposed listing will be subject to shareholders’ approval at a general meeting if it results in a reduction of stake in the principal subsidiary by 20 per cent or more, or if the move is a ‘major transaction’ or a ‘very substantial transaction’ under SGX listing rules.
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