From Focus Taiwan

Taipei, April 13 (CNA) Chlitina Holding Ltd., a China-based skin- care product seller, is seeking to launch a primary listing on the Taiwan Stock Exchange (TWSE), the exchange said Friday.

It is the first primary listing application submitted by a foreign registered company to the TWSE this year, it said.

According to a prospectus released on the TWSE website, Chlitina, which is registered in the Cayman Islands, will issue 8.91 million new shares for the listing, reserving 10-15 percent of the newly issued shares for its employees.

The company has paid-in capital of NT$668 million, according to the prospectus.

The company expects to raise about NT$1.60 billion (US$53.5 million) from the listing, as the issue price has been tentatively set at NT$180 per share.

Chlitina said it will allocate part of the funds raised as working capital for future business expansion, and use some to lower its debt to cut interest payments.

The fund-raising activity is scheduled to be completed in the third quarter of this year, the company said. Fubon Securities and Cathay Securities will serve as the underwriters of the listing.

Chlitina has a production base in Shanghai and sells its products in China both through stores it owns directly and through franchised outlets. It has more than 3,000 sales outlets in China.

In 2012, China accounted for 98.25 percent of Chlitina’s total sales, while Taiwan and Hong Kong took the remaining 1.75 percent.

Last year, Chlitina posted NT$572 million in net profit, or NT$8.84 in earnings per share, up from NT$305 million in net profit, or NT$4.12 per share recorded in 2011.

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