Pacific Andes announces TDR listing

The seafood distributor has submitted an application to the Taiwan Stock Exchange (TWSE) to issue Taiwan Depository Receipts (TDRs) on the TWSE.

According to OCBC Research, PARD management is of the view that the issuance will facilitate access to an "additional equity market in the Asia-Pacific region" in addition to tapping on a wider investor base.

PARD is planning to issue approximately 228m to 285m TDR units with anindicative issue price of NT$18 each (approximately S$0.7738).

The final issue price for each TDR will be determined based on the market conditions and investors' demand in Taiwan, and at not more than 10% discount to the weighted average price of PARD shares for trades done on the SGX-ST for the full market day on which the underwriting agreement is signed.

Each TDR unit represents two PARD shares, with some 456m to 570m new shares to be issued.

The proposed TDR Listing, however, is still conditional on securing the necessary approvals.

OCBC Research said that while the move is positive in terms of increasing its investor base, caution should be exercised against being “overly optimistic.”

“There is potential earnings dilution unless funds raised are re-channelled to grow its operations... as recent dual-listings have not been as well received,” the bank said.

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