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Taiwan Taxi to list on OTC market Nov. 7: underwriter

TAIPEI -- Taiwan Taxi Co., the country's largest taxi service provider, will be traded on the local over-the-counter (OTC) market Nov. 7, underwriter Capital Securities said yesterday.

According to Taiwan Taxi's prospectus, the company, which currently has about 12,000 drivers, is planning to issue 389 million new shares for the listing and hopes to raise about NT$280 million as working capital, based on a tentative issue price of NT$72.

Taiwan Taxi said it will use some of the funding for business expansion, while also assigning cash to strengthen its core financial structure.

The prospectus shows that Taiwan Taxi's debt-to-asset ratio is expected to fall to 15.89 percent by the end of November after the listing, from 26.97 percent recorded at the end of June.

Shares of Taiwan Taxi moved between NT$91.50 and NT$95.00 to average NT$93.53 on the emerging stock market, compared with the previous average of NT$93.83.

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