TS Telecom to list subsidiary on Hong Kong market
TS Telecom Ltd TOM
Shares issued 20,055,005 Oct 28 close $0.60
Thu 28 Oct 99 News Release
Mr. Randy Hung reports
T S Telecom intends to list its wholly owned Hong Kong operating
subsidiary, T S International Co., Ltd. (TSI), on the recently introduced
Growth Enterprise Market (GEM) operated by the Stock Exchange of Hong Kong
Limited. A new company under the name of T S Telecom Technologies Limited
(TST Technologies) will become the parent of TSI, beneficially owning 100
per cent of TSI's issued shares. TST Technologies will then be the ultimate
listed company to be traded on GEM.
The GEM is the alternative board of the Stock Exchange of Hong Kong
Limited, targeting small- to medium-size growth enterprises, particularly
those in technology sector. Presently, potential GEM issuers include
companies from Taiwan, the People's Republic of China (China) and Hong
Kong.
With China and Hong Kong being TSI's primary market, a listing on a local
exchange such as the GEM will give a higher profile to TSI. Says Raymond
Lau, chairman of T S Telecom Ltd. and TSI, "We believe that a GEM listing
will increase TSI's ability to raise equity on a more attractive basis to
fund future growth and acquisitions. A GEM listing will also enhance our
capability and credibility to do business in China and Asia Pacific."
TSI has entered into a sponsorship agreement with Dao Heng Securities
Limited, a subsidiary of one of the largest commercial banks in Hong Kong,
to sponsor the proposed GEM listing and lead its initial public offering.
The proposed listing, if approved by the Stock Exchange of Hong Kong
Limited, is targeted for completion by the end of November, 1999.
T S Telecom, together with its subsidiaries, is a value-added distributor,
manufacturer and systems integrator of specialized telecommunications
equipment in China, including Hong Kong. The company's focus is to assist
telecommunication providers to ensure trouble free and continuous
operations of their networks. The company offers a range of products
including advanced maintenance and monitoring systems, and digital access
equipment for telecommunication and related networks. It is the exclusive
and/or preferred agent and distributor in Hong Kong and China for a number
of U.S., European and Asian manufacturers of technology-based products
including Sparton Technology, Inc. and Opnet Technologies. It is also
engaged in the development and production of its own fibre optics
monitoring system and cable pressurization systems. T S Telecom, through
TSI, has a 30-per-cent interest in a manufacturing joint venture in
Shanghai.
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