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Kenneth Ko

NAM Hing Holdings, a manufacturer of laminates and printed circuit boards (PCBs), will use $25 million of the funds raised from its new issue to set up production facilities in Bangkok.

  Managing director Patrick Lau Chung-yim said the Bangkok plant would complement the group's manufacturing facilities in China and pave the way for future penetration into markets in Southeast Asia.

  He expected to see increasing demand for laminates and PCBs in the electrical and electronics industry in China and other developing countries.

  To strengthen its production capacity, Nam Hing is also building a plant in Zhongshan, Guangdong.

  About $10 million of the funds raised in its new issue will go towards the production facilities in Zhongshan.

  Nam Hing was founded in 1977 by Mr Lau's father, Lau Kwai, who is the chairman of the firm.

  Nam Hing is offering 62.64 million new shares at $1 each to raise a net $53.64 million.

  The issue, sponsored by Standard Chartered Asia, is pitched at a price-earnings multiple of 7.32 on weighted average and 9.28 on a fully diluted basis.

  The company is forecasting a profit of no less than $27 million for the year ending March 31.

  Capitalised at $250.56 million, Nam Hing is backed by an adjusted net tangible asset value of 58.64 cents per share, with a prospective dividend yield of 7.5 cents.

  It is the third company opening a public share offer this week for a listing on the stock exchange.

  Retail giant Jusco Stores (Hong Kong) opened its offer yesterday while radio communications equipment distributor Contrad International launched its offer on Monday.

  Despite the other two offers, Jeanny Leung, senior manager at Standard Chartered Asia, expected Nam Hing's public offering to be well received by the public.

  She said Nam Hing, Jusco and Contrad were all in different industries so there was no direct competition between their offers.

  Prior to the offer, Nam Hing's major shareholders placed a 2.5 per cent stake with Value Partners and 2.5 per cent with Topower Assets, a subsidiary of Continental Mariner Investment.

    The 12.53 million shares were placed at $1 each.



Issue to aid Nam Hing expansion