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SINGAPORE : China-based Qingmei Group plans to raise net proceeds of S$44.1 million in an initial public offering in Singapore.
It plans to list on SGX's Mainboard and is offering 184 million new shares at 31 cents each.
Qingmei is a manufacturer of high-end sports shoe soles, and based in Jinjiang City in Fujian Province.
The group's products are sold to well-known sports shoe manufacturers in China who directly or through their distributors sell their sports shoes to end-consumers under their brand names such as Double Star, K-Bird and Xtep.
The group is also a vertically integrated manufacturer of sports shoe soles, with the ability to manufacture the key semi-processed raw materials used in the production of the group's products.
Qingmei plans to use the main bulk of the net proceeds for the expansion of the group's production capacity, including the purchase of new equipment and machinery, as well as new building facilities to house them.
A portion of the proceeds will also go towards the construction of a new dedicated research and development centre.
The public offer will open on Tuesday morning and close on March 15.
Listing and trading of Qingmei's shares on the SGX Mainboard is expected to commence two days later. - CNA/ms
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