SINGAPORE – 27
February 2003 –
Sinwa KS Limited (“Sinwa
KS”), a home-grown regional
marine supply and logistics
company, today announced
that the public tranche for
its initial public offer is
approximately 4.8 times
subscribed, based on the 7.5
million shares available to
the public for subscription.
As at the close of the
Application List at 12 noon
on 26 January 2003, there
were 436 valid applications
representing an aggregate of
35.8 million Offer Shares
received for its 7.5 million
shares available to the
public.
In addition to the offer
tranche, the placement
tranche of 13.5 million
shares and the reserved
tranche of 4.0 million
shares for the independent
directors, employees,
management staff and
business associates of the
Group have also been fully
taken up.
The shares are expected to
commence trading on a “when
ready” basis on 28 February
2003.
“We are very encouraged by
the public’s response to our
IPO despite the uncertain
market conditions, which
underscores their vote of
confidence in the long-term
growth prospects of Sinwa
KS. We are a company with
strong fundamentals and a
30-year proven track record,
as well as a strong brand
name in the marine supply
and logistics industry,”
said Mr Mike Sim, Managing
Director of Sinwa KS
Limited.
“Part of the proceeds will
be used to support our
expansion in the PRC where
we already have an
established network of
appointed marine supply and
logistics companies in
Dalian, Shanghai and
Guangzhou,” he said.
“Our long-term objective,
however, is to become a
global service provider in
the world’s major ports
where our customers can
experience the consistent,
seamless level of service
quality and reliability that
is synonymous with the Sinwa
brand,” Mr Sim added.
The total issue of 25
million new shares,
representing 20% of Sinwa
KS’ enlarged share capital
of 125 million shares, was
launched on 18 February 2003
at $0.23 per share.
The net proceeds from the
IPO, approximately $4.6
million, will be used for
the following purposes:
• $2.0 million to fund
acquisitions and enter into
strategic alliances and
partnerships;
• $2.0 million to finance
the enhancement of the
Group’s logistics
capabilities and
infrastructure; and
• $0.6 million for working
capital.
