Pacific Andes submits application to issue Taiwan depository receipts

May 3, 2011 14:25
Singapore Exchange Mainboard-listed Pacific Andes Resources Development Limited, a leading global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, announced today that it has submitted an application to the Taiwan Stock Exchange and the Taiwan Central Bank through Taipei Fubon Commercial Bank Co., Ltd. to issue Taiwan Depository Receipts on the TWSE. Fubon Securities Co., Ltd. has been appointed as the underwriter, reports with reference to Pacific Andes.

Executive Director and Chairman, Mr. Ng Joo Siang said: "The Proposed TDR Listing is an important step in allowing the PARD to gain access to an additional equity market in the Asia-Pacific region. Not only will PARD benefit from the exposure to a more diversified investor base, the Company can also enhance its capital base to fuel future expansion. In addition, the Proposed TDR Listing will enable us to raise PARD's profile in Taiwan, as well as offer an opportunity for investors in Taiwan to invest in PARD."

PARD expects to issue approximately 228 million to 285 million TDR units at an indicative issue price for each TDR is NT$18 (approximately S$0.7738). The final issue price for each TDR will be determined by the Company and Fubon Securities Co., Ltd.

based on the market conditions and investors' demand in Taiwan. The TDRs will be issued 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 (or if not available, the weighted average price based on the trades done on the preceding market day). Each TDR unit represents 2 PARD shares, bringing the expected total number of new shares to be issued ranging from 456 million to 570 million shares.

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