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QPL eyes listing on Nasdaq for Asat

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QPL International Holdings plans to list its integrated-circuit assembly unit, Asat Group, in the Nasdaq market in the United States within two years.

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Chairman Li Tung-lok said the listing plan was being formulated with Asat's new investors, but there was no time-table.

Asat, a main unit of Asat Group, had an audited net asset value of HK$684 million as of April 30 last year, and recorded an audited turnover of HK$1.72 billion for the year to April 30, 1998 and a net profit of HK$239 million.

A consortium led by Chase Asia Equity Partners is to pay QPL HK$1.52 billion in exchange for a 50 per cent stake in the enlarged share capital of QPL's British wafer fabrication arm, Asat.

Asat will cease to be QPL's subsidiary upon completion of the deal.

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Proceeds from the deal will be used to repay in full its SAR bank creditors and part of its debt owed to British creditors.

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