Fortei to raise $100m

PUBLISHED : Thursday, 17 June, 1993, 12:00am
UPDATED : Thursday, 17 June, 1993, 12:00am
 

SPORTS shoe and clothes wholesaler Fortei will raise about $100 million in its public share issue, to open sales outlets in major Chinese cities.


At a presentation yesterday, company officials said new shares representing 25 per cent of the firm's enlarged capital would be issued to public investors.


However, pricing details were unavailable.


The officials said Fortei had turnover of $90.6 million and profit of $17.1 million in the first quarter of 1993.


Extrapolating for a year, the figures indicate an improvement from last year's turnover of $220 million and profit of $35 million.


The net proceeds of the issue will be used to establish about 70 Fortei counters in Chinese cities including Beijing, Shanghai, Guangzhou and Shenyang.


Products sold under the Fortei brand name include sports shoes and clothes, casual wear, ties and leather goods.


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