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SINGAPORE: Singapore-listed Oceanus Group said on Tuesday that it received an approval from the Taiwan Stock Exchange and the Taiwan Central Bank to list Taiwan Depository Receipts (TDRs) on the Taiwan Stock Exchange.
Oceanus said it will now proceed to make the necessary applications, for approval from other Taiwanese regulators.
The TDRs will represent an aggregate of up to 200 million of Oceanus' shares.
Oceanus said the move will allow it to raise more capital at a very attractive rate. It believes that China-based companies, in certain strategic industries, have a better valuation in Taiwan compared with other regional stock markets.
In addition, Oceanus also thinks that this will increase public awareness and promote its corporate image internationally.
The company has appointed Polaris Securities to advice on the proposal.
- CNA/sc
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