MOULIN International Holdings, one of Hong Kong's largest manufacturers of optical frames and sunglasses, is seeking to raise about $100 million from the stock market for its fast-growing business. Depending on approval from the stock exchange, the new issue is expected to go to the public for capital within two weeks. Moulin's imminent float will make it the second optical products manufacturer listed in Hong Kong besides Swank International. It is understood that Moulin will have a price earnings multiple of eight times on a fully dilluted basis, slightly higher than Swank's. Moulin is now manufacturing optical products for sale to more than 600 customers in about 25 countries. They include branded and designer names like Pierre Cardin, Dakota Smith, Fisher Price and Caroline Herrera. Moulin chairman Ma Bo-kee said: ''Almost all of the products made by the group belong to the high-end category which retail in the mid to high price range. ''While most of the products are designed and made and sold under customers' private labels, a small portion are made for the OEM customers.'' Moulin produced 5.7 million pairs of spectacles in the year to March 31, 1993, with a net profit of $23 million on sales of $173 million. The group's profit and turnover are expected to rise at least 40 per cent in the current fiscal year. Mr Ma said the profit margin could be very high for optical products manufacturing. ''Some of the products could have a profit margin as high as 70 per cent, while the average is about 40 per cent,'' he said. Optical frames, both metal and plastic, are now selling at an average wholesale price of about US$8 (HK$62). With the highest end products selling at about US$100, Mr Ma believed there was still room for the group to go up-market. Moulin has began to design and sell products under the brand name Infinite. Mr Ma said the company planned to raise the profitability by beefing up the production under its brand names. ''Infinite is selling at about US$14, much higher than the wholesale prices for the private label products,'' he said. Moulin owns three factories in Chaoyang, Guangdong province, which accounts for more than 90 per cent of the company's production. It plans to increase the production capacity by 10 per cent by the end of this year and another 15 per cent next year.
