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Dec. 14, 2009 (China Knowledge) - Taiwanese garment producer Hontex International<0946> started offering 500 million new shares today, according to a statement filed with the Hong Kong Stock Exchange.
The company expects to raise between HK$1.04 billion and HK$1.39 billion through an initial public offering on the Hong Kong Stock Exchange, based on the indicative price range set between HK$2.08 and HK$2.78 per share. The subscription will last till Dec. 17.
Proceeds from the IPO will be used for the setup of flagship stores across the country, branding, M&As and production facility purchase, etc. Mega Capital Co Ltd has been hired as the underwriter for the offering.
Shao Tenpo, chairman and co-founder of Hontex said the firm currently has no plan to issue Taiwan depository receipts and will consider other financing channels if needed.