Business News
Taiwan's Financial One launching IPO in Singapore
Jul 2, 2007, 12:07 GMT
Singapore - Leasing firm Financial One became the first Taiwanese finance company to list in Singapore with the launch Tuesday of its initial public offering (IPO) of 225 million shares, executives said.
'Part of the reason we chose to list in Singapore is to understand more about Singapore's neighbours, Malaysia and Indonesia,' said chairman and chief executive officer Andre Koo.
Financial One, which commands 40 per cent of Taiwan's leasing market share, views the Singapore Exchange listing as a springboard into the car-financing markets in Malaysia and Indonesia.
The IPO is valued at up to 225 million US dollars with the proceeds to be used to finance overseas expansion plans. The IPO closes July 9, with trading set to begin two days later.
The company is also seeking growth opportunities in the equipment- leasing markets of China and Vietnam.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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