SIM Technology Group Limited (“SIM Technology” or the “Group”; SEHK stock code: 2000) announced that today it has submitted an application to the Taiwan Stock Exchange and Taiwan Central Bank to issue Taiwan Depositary Receipts (“TDR”) for its secondary listing.
On 26 November 2010, the Board of Directors of SIM Technology approved the action to apply for TDR listing, under which the Group will issue not more than 165,000,000 units of TDR, with each unit representing two shares. The final number of TDR to be offered and the structure of the TDR Issue shall be subject to the approval by the relevant authorities and the adjustment by the Board of the Group and the underwriters of the TDR Issue. The net proceeds from the TDR Issue is intended to be used for the Group’s factory expansion, including construction of a factory plant and a research and development centre, as well as acquisition and installment of machinery and equipment. The issue price of the TDR, the amount of funds to be raised and the expected timetable have yet to be confirmed.
Mr Cho-Tung Wong, Executive Director of SIM Technology, said, “We believe that the TDR Issue will not only broaden the shareholder base of the Group, but will also increase public awareness and promote the Group’s corporate image internationally. Our competitive advantages will hence be enhanced, benefiting our overall business development and ultimately maximising returns for our shareholders.”
