Willas-Array gains Hong Kong trading exposure
Willas-Array Electronics, one of the largest distributors of electronic components in Greater China, will be listed in Hong Kong by way of introduction as the company seeks to enhance its recognition in the region and attract international capital.
Willas-Array Electronics, one of the largest distributors of electronic components in Greater China, will be listed in Hong Kong by way of introduction as the company seeks to enhance its recognition in the region and attract international capital.
"It is desirable and beneficial to have dual primary listing status in both Hong Kong and Singapore as we believe that the stock markets in Hong Kong and Singapore attract different investors," company chairman Lawrence Leung Chun-wah said in Hong Kong yesterday.
The Hong Kong listing would provide existing shareholders with enhanced liquidity, and enable local investors to invest in the firm directly, he said.
Listing by way of introduction means the firm will not issue new shares for fund raising. Trading in the shares will start on Friday.
Headquartered in Hong Kong, Willas-Array was listed on the Singapore exchange in 2001. It distributes a mix of more than 10,000 products for more than 3,000 manufacturers that are used in industrial settings, telecommunications, home appliances and the automotive sector, among others.
Deputy chairman Kwok Chan-cheung said the industrial segment, which now contributes 23.3 per cent of revenue, and automotive, which accounts for 7 per cent, were expected to grow faster than other segments. The telecommunications sector makes up 16.5 per cent of revenue, smaller distributors 14.6 per cent and home appliances 11.6 per cent.
The firm said it would continue to expand product offerings and seek growth through collaboration and acquisition. It was "full of confidence" even though the economic crisis in Europe had caused revenue to fall 2.3 per cent to HK$1.63 billion in the six months to the end of September. Net profit rose 5.2 per cent to HK$23.6 million in the period.
