TORONTO, Nov. 23 /CNW/ - T S Telecom Ltd. is pleased to announce that the
Stock Exchange of Hong Kong Limited ("SEHK") has in-principal approved the
application for listing of its subsidiary, T S Telecom Technologies Limited
("TST Technologies"), on the recently introduced Growth Enterprise Market
("GEM") operated by the SEHK.
The GEM is the alternative board of the SEHK targeting smaller to medium
size growth enterprises, particularly those in technology sector. Presently,
potential GEM issuers include companies from Taiwan, China and Hong Kong. TST
Technologies is one of the first batch listing candidates of the GEM.
TST Technologies will offer 79,200,000 shares (i.e 30% of the enlarged
capital), of which 63,360,000 (i.e. 80%) are Placing Shares and 15,840,000
(i.e. 20%) are New Issue Shares of nominal value of HK$0.1 (or Cad$0.02) each.
The issue price for the Share Offer is HK$1.5 (or Cad$0.28) per share. Based
on the above issue price, the prospective price/earnings multiple are 8.8
times on a weighted average basis and 11.0 times on a proforma fully diluted
basis.
TST Technologies is also proud to announce that it is the first listing
candidate in Hong Kong to adopt the CCASS's "Electronic IPO System" for public
to subscribe shares. (CCASS is the Central Clearing and Settlement System
operated by Hong Kong Securities Clearing Company Limited).
The shares of TST Technologies are scheduled for trading on December 2,
1999.
T S Telecom Ltd. 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 monitoring systems, and digital access equipment
for telecommunication and related networks. T S Telecom Ltd., through TST
Technologies, has a 30% interest in a manufacturing joint venture in Shanghai
registered in the name of T S International Co., Ltd. |
