The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.8% to 3,279.70.
China Taisan Technology Group (CTSAN SP): The maker of knitted fabric used in sports apparel said it will buy $28 million of new machinery to boost production capacity, twice the amount it estimated earlier. The stock fell 2.6% to 19 cents.
Mainboard-listed China Taisan Technology Group Holdings, one of the leading producers of knitted performance fabrics in China, issays it has fixed the issue price of its Taiwan Depository Receipt (TDR) at NT$12.15 ($0.511) per TDR, or equivalent to $0.255 for each mother share in Singapore.
This represents a 10.05% premium over the weighted average price of its mother shares from 23 September 2010 to 28 September 2010 of S$0.232.
China Taisan Technology Group Holdings says the issue price for each Taiwan Depository Receipt will be fixed at NT$12.15 (51 cents).
Each TDR represents two ordinary shares of the company.
The TDR issue price is at a 10.05% premium to the weighted average price for trades done on the SGX during bookbuilding duration from Sept 23 to 28.
In line with Taiwanese regulatory requirements, China Taisan says the TDRs will be issued to the following parties in the following manner:
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Up to 250 million shares, comprising both new and vendor shares, will be issued for exercise, with each TDR representing 2 shares. Listing date, pricing not finalized but company plans to use proceeds to increase production capacity.
Cai Bing Huang has been appointed GM wef Aug 2
Work experience: Marketing manager, Jinjiang Lianjie Textile & Printing Dyeing Industrial Co Ltd
China Taisan Technology (F2X.SG) is off 6.7% at 21 cents on strong volume of over 38 million shares, driven by married deal of 30 million shares done at 19.5 cents in late morning, according to Dow Jones.
Mainboard-listed China Taisan Technology Group Holdings, the manufacturer of knitted fabrics used for sports and casual apparel, has entered into an agreement to issue 30 million new shares to Atlantis Investment Management, a boutique asset management firm based in London. The shares will be placed out at 19.5 cents per share, or a discount of 8.6% to the weighted average price of 21.33 cents of the company’s ordinary shares for trades done on 30 April 2010.
China Taisan Technology Group Holdings, the producer of multi-functional knitted performance fabrics, used in sports and casual apparel for renowned brands such as Nike, Adidas, Umbro, Li-Ning, Anta, Metersbonwe and Xtep, says it achieved an 11.4% fall in net profit attributable to shareholders of RMB62.1 million ($12.8 million) in 4Q09 from 4Q08.
China Taisan Technology Group Holdings, the producer of knitted performance fabrics used in sports and leisure wear, says the response from US investors was largely positive at its a road show in New York city from Jan 25–29 to promote its upcoming American Depositary Receipt (ADR) issue.
The company’s Non-Executive Chairman, Choi Cheung Kong, Chief Executive Officer Lin Wen Chang, and Chief Financial Officer Patrick Kan, was at hand to share the company’s business fundamentals and growth prospects with US investors.
Kan Wei Shiu, Patrick has been appointed CFO wef Jan 25
Work experience: Audit asst manager, Deloitte & Touche, Singapore; audit supervisor, Baker Tilly TFWLC; audit team leader; RSM Chio Lim
UOB KayHian Research in a Jan 8 research report says: “China Taisan Technology Group Holdings Ltd (China Taisan) is one of the leading producers of multi-functional knitted fabrics used for sports and leisure apparel in China. We forecast China Taisan’s earnings to surge 130% on the back of strong orderbook in 2010 and the low base of 2009.
China Taisan Technology Group Holding says it has entered into discussion with The Bank of New York Mellon, US lawyers and other professionals in relation to the establishment of an American Depositary Receipt (ADR) facility in the US.
China Taisan says the proposed establishment of the ADR facility will enable the company to attract foreign investors since they are not required to bear time difference, cross-border transaction fees or currency exchange fees and will thereby expand the investor base of the company and increase the liquidity of its shares.
Mainboard-listed China Taisan Technology Group Holdings, one of the leading producers of knitted performance fabrics used in sports and leisure apparel for renowned brands such as Nike, Adidas, Umbro, Septwolves, Li-Ning, Anta, and Metersbonwe, says US-based institutional investor Barron Partners LP has become China Taisan’s strategic shareholder following the acquisition of a stake by the latter.
