Wednesday, September 21, 2011


Serial: To offer 28m TDRs representing 3 ordinary shares per TDR for a total of 84m shares. The indicative price range is from NT$10.98 to NT$12.75 (approx $0.155 to $0.18) per share but the issue price cannot be at a 10% disc to the weighted avg price done on SGX the preceding mkt day . The book-building and public subscription exercise in Taiwan will be handled by Fubon Securities and is expected to commence on 22 Sep till 27 Sep. A total of $13.0m to $15.1m will be raised and co intends to use part of proceeds for business needs in China, Taiwan and South Korea.

Serial trades at current P/E of 7.7x at last done $0.17. Peer UMS trades at approx 7.7x with bigger co Venture at 10.5x.

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