Tingyi submits TDR offering application

Nov. 3, 2009 (China Knowledge) - Tingyi (Cayman Islands) Holding Corp<0322>, owner of the well-known noodle brand Master Kong, has submitted application to the regulatory bodies of the Taiwan authorities on offering 380 million Taiwan Depository Receipts in December.

The share offering is expected to help Tingyi raise approximately US$440 million. It will also be the island's biggest initial public offering from a company returning to its home market if successful, sources reported.

The final price of the TDRs hasn't been decided yet. However, the company said that each of the TDRs will be worth 50% of the price of its Hong Kong-listed shares.

The group has hired Sinopac Securities, a unit of Sinopac Financial, as the lead underwriter for the sale. It didn't disclose the reason for the listing or other details on the deal.

There are ten Taiwanese enterprises that had submitted applications to return to the island for secondary listings, said the Taiwan Stock Exchange, adding that four of them have successfully listed so far, including Want Want China Holdings Ltd<0151> and Ju Teng International Holdings<3336>.

Shares of Tingyi rose 2.87% to HK$17.9 on Monday.