From Focus Taiwan

Taipei, Aug. 2 (CNA) China-based electronics components supplier BrightKing Holdings Ltd. has filed an application with the Taiwan Stock Exchange (TWSE) to seek a primary listing on the main board, the TWSE said Saturday.

The TWSE said BrightKing is the fifth overseas registered company to seek a primary listing on the exchange so far this year.

According to a prospectus the company filed with the TWSE, BrightKing, which was incorporated in the Cayman Islands in 2009 and has a paid-capital of NT$308 million (US$10.27 million), is planning to issue 4.106 million new shares for the listing and reserve 15 percent of the new shares for employees.

The company has expected to raise NT$266.89 million from the new share sale since it has tentatively set the issue price at NT$65.

It added it will use the proceeds as working capital for future expansion, while assigning part of the funds to cut debt and improve its financial structure.

As of the end of March, BrightKing’s debt-to-asset ratio stood at 37.85 percent, down from 38.13 percent recorded at the end of December, the prospectus showed.

BrightKing operates a broad production base in China, specializing in the design and production of a wide range of electronics components including transient voltage suppressors (TVS), metal oxide varistors (MOV), spark gap protectors (SPG) and gas discharge tubes (GDT).

The company generated almost 90 percent of its total sales from the China market in 2013, while it sold the remaining products to Taiwan, South Korea, the United States and Hong Kong.

In 2013, BrightKing posted NT$121 million in net profit, down from NT$126 million recorded a year earlier, on consolidated sales of NT$1.52 billion. Its earnings per share for 2013 stood at NT$4.97, compared with NT$8.48 seen a year earlier.

In the first quarter of this year, the manufacturer’s EPS was NT$1.60.

(By Tien Yu-pin and Frances Huang) enditem/WH

For more on this story go to: http://focustaiwan.tw/news/aeco/201408020017.aspx

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