Another Chinese company going IPO
Filed Under (Business News) by Webmaster on 02-03-2010
Tagged Under : Chinese company, IPO, K-Star Sports
China-based sports footwear company K-Star Sports Ltd has obtained the approval of the Securities Commission to be listed on the Main Market of Bursa Malaysia.
In a statement yesterday, the company said it would offer 15.32 million shares under the initial public offer exercise.
“A majority of the proceeds will be allocated for production capacity expansion, sales and marketing network in China,” it said.
The statement added that the company exported about 30% of its sports shoes to eastern Europe and Russia in 2008 and over 30% in the first half of 2009.
K-Star executive director and chief financial officer Lim Yeow Eng said: “With the increasing demand for our products internationally, we are optimistic K-Star has the potential to grow into a household brandname in the short term.
“More importantly, we hope our IPO exercise will bring long-term gains and well-deserved returns to our investors.”
K-Star was founded in Jinjiang City, Fujian Province, the shoe capital of China, and was initially engaged in the production of shoe soles and canvas shoes in the 1990s.
The company was registered in Malaysia last year and would potentially be setting up distribution networks in Malaysia and India in the coming two years.
