United Envirotech is seeking to raise up to NT$500.8m or $21m by issuing TDRs later this month. The company plans to sell 32m TDRs representing 16m shares at NT$13.50-15.65 each. The TDRs will start trading on the TWSE on 22 Oct. UEV operates wastewater treatment plants in the Chinese cities of Guangzhou, Tianjin, Liaoyang & Xintai & has a M’sian unit that sells wastewater treatment pumps & related equipment.
Currently trading at est FY11 P/E of 9.1x, the stock has pulled back from recent high of $0.52 & nearing $0.45 support.
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