Appleby has advised Asia Plastic on its listing on the Taiwan Stock Exchange (TWSE).
The Appleby team was led by Appleby Managing Partner, Frances Woo and Counsel, Tan Li Lee, and assisted by Associate, Vincent Chan. Chien Yeh Law Offices acted as Taiwan counsel for the issuer, and Yuanta Securities was the main underwriter to the listing.
Frances Woo commented: “We are pleased to be involved with this listing. We have witnessed an upsurge of foreign interest in TWSE listings, demonstrating the vitality of Taiwan’s capital markets. There is a growing number of Cayman Islands companies listed on the Main Board of the TWSE with many in the pipeline, covering various industries, including semiconductor, optoelectronic, tourism, shipping, electric machinery and IT communications.”
Asia Plastic’s operating entity, Sansda Plastic (Fujian) Co, has been in business in the PRC since 1994, and is a specialist in recycling. The group is the largest ethylene vinyl acetate (“EVA”) copolymer foam supplier in the PRC domestic market. EVA foam is used, among other things, in building materials, luggage, sports products, toys and shoe soles.
Proceeds from the offer are estimated to be around NT$1.4 billion (approximately US$47 million) and will be applied mainly to the group’s working capital to expand the scale of the group’s operation and to build factories and purchase equipment.
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