An increasing number of Singapore-listed firms are considering applying to issue Taiwan Depository Receipts, according to Taiwan Stock Exchange Corp.
TWSE Chairman Chi Shive said at least two dozen firms have shown interest in issuing TDRs. “We expect to see 20 foreign firms issue TDRs this year, with at least half that number coming from Singapore.”
One such firm is Yangzijiang Shipbuilding (Holdings) Ltd.—mainland China’s largest private shipbuilder. Slated to issue TDRs in mid-September, the firm expects to raise NT$3.72 billion (US$116.49 million) from the offering.
A number of Singapore-listed companies applied to issue TDRs in August. These include fabric manufacturer China Taisan Technology Group Holdings Pte Ltd., Hu An Cable Holdings Ltd., wastewater treatment solution provider United Envirotech Ltd. and handset component maker Z-Obee Holdings Ltd. The TWSE attributes this growing interest in issuing TDRs to its aggressive overseas promotion campaigns and the possible inking of a Taiwan-Singapore economic cooperation agreement.
Separately, a dozen or so Singaporean firms have signed letters of intent with the Taipei-based Gretai Securities Market to float their shares on the over-the-counter stock market.
Sources familiar with the matter said 34 foreign firms have applied to list on the Gretai. (SFC-JSM)