Firm aims to raise $300m in IPO to fund development of services, say sources
Main-board listing candidate Tradelink Electronic Commerce will target the mainland and overseas markets to push its digital trade and transport network, according to chief executive Justin Yue Kwok-hung.
According to market sources, Tradelink is expected to raise about $300 million through an initial public offering later this month.
The government, which owns a 42 per cent stake in the company, is expected to offload some of its shares in the offering. Other existing shareholders from the local business community such as PCCW, Swire Pacific and the Hong Kong General Chamber of Commerce will not sell shares in the offering. DBS is the deal's sponsor.
The company expects to pay 80 per cent of its net profit as a dividend to lure shareholders.
Part of the proceeds from the share sale will be used to develop services relating to radio frequency identity technology and complete development of the 'e-hub' digital trade and transport network.
The company was selected by the government in 2003 to build and operate the trade and transport network - the first electronic logistics infrastructure platform.
