Home delivery firm receives approval for TWSE listing
TAIPEI, CNATAIPEI -- Taiwan Pelican Express Co. has obtained approval from the Taiwan Stock Exchange (TWSE) to launch a listing on its main board, the exchange said Thursday.
September 21, 2013, 12:07 am TWN
The company is planning to issue 9.47 million new shares for the listing and has tentatively set the issue price at NT$28 (US$0.94), according to its prospectus.
KGI Securities and MasterLink Securities will serve as the underwriters of the listing, the prospectus said.
Shares of Taiwan Pelican have been traded on the emerging stock market since December 2012. The company was incorporated in September 1999 and is currently capitalized at NT$860 million.
Under the local securities listing rules, a company has to be on the emerging stock market for at least six months before it can seek listing on the main board or the over-the-counter market.
Taiwan Pelican said door-to-door delivery services accounted for 77.83 percent of its sales worth a total of NT$2.54 billion in 2012, while logistics services made up 20.49 percent. All of its revenue was generated in the Taiwan market, it said.
Home appliance supplier Teco Electric & Machinery Co. is one of Taiwan Pelican's major institutional shareholders.
In 2012, Taiwan Pelican posted NT$242.95 million in net profit or NT$2.83 in earnings per share (EPS), compared with NT$215.48 million in net profit or NT$3.22 in EPS a year earlier.
Its EPS for the first half of this year stood at NT$1.22, the company reported.