Showing posts with label K-Star. Show all posts
Showing posts with label K-Star. Show all posts

Tuesday 7 December 2010

K-Star eyes dual listing prospects

K-Star eyes dual listing prospects
Posted on November 28, 2010, Sunday

KUCHING: K-Star Sports Ltd (K-Star) announced recently the company’s proposals to implement a sponsorship of a Depository Receipts Programme (DRP) in Taiwan.

Executive chairman and chief executive officer of K-Star, Ding Jianping commented, “The dual listing will also help promote public awareness towards K-Star in Taiwan, strengthening our international brand image and providing an alternative source of funding for the company.”

“Under our proposed TDR programme, the 100 million K-Star shares forming the underlying shares for the issuance of the TDRs shall comprise of up to 75.6 million new K-Star shares to be issued pursuant to the proposed share issuance and up to 24.4 million existing K-Star shares by certain existing shareholders,” he added.

The TDRs would be offered to potential investors in Taiwan by way of placement to identified third party investors and would be offered to the investing public in Taiwan.

The principal parties that would be involved in the Proposed TDR Programme included K-Star; Bank SinoPac, a financial institution based in Taiwan; Citibank NA Hong Kong, and Citibank Bhd and SinoPac Securities Corp as the underwriter for the offering of TDRs to investors in Taiwan.

The maximum gross proceeds to be raised from the proposed share issuance was expected to amount to approximately RM77.87 million, based on the indicative issue price of RM1.03 per new share, of which RM19.5 million would be used to expand K-Star’s production capacity.

The company also stated that RM15 million would be utilised for expansion of sales and marketing network; RM9 million to continue to boost the company’s branding and advertising efforts; RM3 million to enhance product design and development capabilities.

The balance of the fund would be allocated for general working capital and expected expenses for the Proposed TDR Programme and the Proposed Share Issuance.

“We are very optimistic about our prospects.

“Our company has recently expanded its footprints in the People’s Republic of China (PRC) and Russia and has successfully set up 19 wholesale points,” Ding said.

“We are pleased to continuously report sustainable growth for K-Star and we believe that K-Star is established and resourceful enough to venture into a dual listing. K-Star is eager to share its profit to a more diversified shareholder base through our dual listing,” he concluded.

http://www.theborneopost.com/?p=77531

K-Star expands footprints in China

K-Star expands footprints in China
Posted on November 20, 2010, Saturday

KUCHING: K-Star Sports Ltd (K-Star) announced that it was expanding its footprint in China by setting up six new wholesale outlets in Northern China through its wholly owned subsidiary, Fujian Jinjiang Dixing Shoes Plastics Co Ltd (Fujian Dixing).

According to its executive chairman and chief executive officer, Ding Jianping, “We have started developing the Northern China market since the middle of this year and as at the end of October this year, K-Star has successfully set up 19 wholesale points, in which six are new outlets located in Urumqi situated in Xinjiang, and the remaining in Russia.

“This marks the recognition and expansion of K-Star products to all the neighbouring countries. K-Star will further leverage on its current wholesale base and identify qualified distributors to operate and manage the point of sales,” he added.

Since its listing in June 2010 on the Main Market of Bursa Malaysia Securities Bhd, K-Star has been actively expanding its business in its quest to achieve its objective of being a long-term key player in the business.

Fujian Dixing, which was initially engaged in the production of shoe soles and canvas shoes, has broadened its business by venturing into the design, manufacture and distribution of sportswear besides its core business of canvas shoes.

Ding added, “K-Star has always believed in the promising export potential of China. This confidence propelled us to begin our first venture of setting up internal wholesale spots in Northern China.

“We have confidence this will help promote our sportswear brand for the export market and capture a greater market share in the country. The new wholesale platforms are expected to prosper alongside the flourishing economy churned by the development of the West and North China markets. ”

K-Star currently has overseas distribution networks in Russia and Eastern European countries including Finland, Ukraine, Belarus, Poland, Finland, Romania, Hungary and the Czech Republic, among other nations.

Fujian Dixing currently generates over 700 designs annually and manufactures approximately 7.9 million pairs of quality sports footwear, out of which 4.3 million pairs are distributed to their retail outlets in the PRC market in 2009.

http://www.theborneopost.com/?p=76159