Garment IPO to pay for factory
Taiwanese garment factory Grand Twins International (GTI) has carefully laid out a schedule so it can go public on Cambodia’s stock exchange after the dust settles from unrest tied to minimum wage disputes, according to the company’s chief financial controller, Henry Chen.
GTI received approval from the Securities and Exchange Commission of Cambodia (SECC) on Wednesday to list with an initial offering of eight million shares priced between $1.85 and $3.50, Chen confirmed with the Post during an interview at the SECC yesterday. The offering will help fund the construction of a new factory.
Upon its official listing on the CSX, which the company is planning for mid-year, GTI would become only the second stock traded on the bourse since the Phnom Penh Water Supply Authority went public to great fanfare in April 2012.
Marketing material obtained by the Post shows that GTI – Cambodia’s second-largest garment manufacturer – employed some 5,700 workers in 2012, with nearly 90 per cent of clothing produced sourced by sport-retail giant Adidas. Fellow Taiwanese garment manufacturer TY Fashion is also reportedly eyeing an IPO in the coming months. …
Eddie Morton and Hor Kimsay
http://www.phnompenhpost.com/business/garment-ipo-pay-factory
