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BH Global's TDRs draw strong interest (BT)

MARINE and offshore services provider BH Global Marine made a big splash when it started trading its Taiwan Depository Receipts (TDR) on the Taiwan Stock Exchange yesterday.

BH Global listed its TDRs at NT$17 but ended trading at NT$18.15, nearly hitting the 7 per cent daily trading limit set by bourse.

At market close yesterday, the queue for BH Global's TDRs was close to 100 million shares, showing strong interest from the Taiwan equity market.

With an offer size of 30 million TDRs, each TDR represents two ordinary shares of the group in Singapore. The public offer shares were oversubscribed by 45 times.

On the Singapore Exchange, however, its shares shed half a cent – or 1.4 per cent – closing at 35 cents yesterday.

"Being the first marine concept stock to list TDR in Taiwan, we are excited to progress into this new phase to continue to bring value to the group and our shareholders," said chief executive Vincent Lim.

Separately, mainboard-listed UMS Holdings announced yesterday that it is planning a dual listing on the Kosdaq market of the Korea Exchange by the listing of depository receipts.

UMS provides equipment manufacturing and engineering services to original equipment manufacturers (OEMs) of semiconductors and related products.

The dual listing is in line with the company's vision to grow its pool of overseas customers as well as to keep an eye out for potential mergers and acquisitions.

Andy Luong, CEO of UMS, said: "A dual listing in Korea will allow the company ready access to different equity markets in the Asia-Pacific region when the opportunity arises. The two markets – Korea and Singapore – also attract different investor profiles and widen the investor base of the company and increase the liquidity of our shares."