Serial System, an electronic component distributor listed on the mainboard of the Stock Exchange of Singapore (SES), has applied to the Taiwan Stock Exchange (TSE) to issue TDRs (Taiwan depositary receipts) on the Taiwan stock market.
Serial System said it intends to utilize the cash raised from the TDR to fund its expansion plans and also strengthen its capital structure. In addition, the TDR issue will allow Serial System to expand its exposure in the Greater China area, the company added.
Serial System revealed that its sales grew at a CAGR of 16% from 2005 to 2009. Consolidated revenues for the first half of 2010 were S$370 million (US$288 million), compared with S$556 for the entire 2009. Net profits for the six-month period reached about S$6.49 million compared with S$7.48 million for all of 2009.
Serial System distributes a range of active and passive components to original manufacturers and sub-contractors in various industries in the Asia Pacific region. Texas Instruments, ON Semiconductor, Analog Devices, Avago Technologies, Tyco Electronics and Osram are among its suppliers.