HU AN CABLE, saying it is seeking to enhance shareholders’ value, is proposing a second listing of its shares as TDRs in Taiwan.
This time, unlike the first, it will not just issue new shares but it will also allow ‘eligible shareholders’ to sell their Singapore-listed shares for listing as TDRs – and fetch a higher price for them than in Singapore.
70 million existing shares belonging to ‘eligible shareholders’ – ie, those who have registered addresses in Singapore - will be packaged as TDRs and another 70 million new shares will be issued as TDRs.
Hu An Cable’s TDR is currently trading at NT$16.500, equivalent to approximately S$0.567 for every share of the Company, based on the conversion ratio of 1 TDR to 1.25 underlying shares and an exchange rate of S$1 to NT$23.300.
This represents a premium of S$0.172, implying a premium of approximately 43.54%, over the closing price of S$0.395 of a share listed on the SGX-ST on 7 June 2011.
Hu An Cable’s effort mirrors that of Oceanus in April 2010, when it also allowed Singapore-listed shares of the company to be sold as TDRs in the second listing of the shares in Taiwan.
See our report on the Oceanus 2nd TDR programme.
Samko Timber, the most heavily traded stock on the Singapore Exchange yesterday with 72.2 million shares traded, said that its major shareholder had bought 1.357 million shares on the open market on Tuesday (June 7).
The major shareholder, Sampoerna Forestry Limited, raised its stake from 40.31% to 40.41%, or 544,366,305 shares.
Sampoerna has been increasing its stake with several purchases on the market.
It held a 39.63% stake back in September last year, or 533,962,305 shares.
In other words, Sampoerna has bought 10,404,000 shares in the last nine months or so.
During that period, Samko Timber shares have soared from 6 cents on Sept 1 to 23 cents yesterday.
Samko Timber Ltd. produces processed timber products such as primary plywood, laminated veneer lumber, medium density fiberboard and piano parts. The company also offers a wide range of secondary processed timber products.
On April 21, the company issued a statement to comment on the 28% jump in its stock price from 12.5 cents at the start of the previous trading day to 16 cents at the close of trading.
It said the tsunami in Japan on 11 March 2011 had resulted in increased orders from Japan at higher prices and profitability.
"There is, however, no certainty that this export situation will continue, although the Company will endeavor to position itself to benefit from any increased demand from Japan."
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Artivision Technologies announced that it has on 7 June 2011 entered into a share placement agreement with a private investor, Mr Quek Yiang Hang, who will buy 14,705,882 new ordinary shares at S$0.17 each.
The shares represent approximately 2.98% of the Company’s enlarged issue share capital.
The aggregate consideration payable by Mr Quek is S$2,499,999.94.
Mr Quek was among the pre-IPO investors of Anchun International.
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