Financial controller David Chu Kim-ho said Starlight would maintain a 25 per cent interest after the flotation and the founders of All Pantronic would hold a further 50 per cent.

All Pantronic sold a 34 per cent stake to Starlight in 1991 for $31 million as it sought a strategic alliance with the radio and telephone manufacturer which required the use of voltage converters.

Mr Chu said Starlight had agreed to hold the company shares as a long-term investment and a vote of confidence.

Any share disposal by Starlight would be limited by five per cent a year for a three-year period after the flotation, he added.

The company posted a 37 per cent increase in net profit to $34.2 million for the year ended March 1993 from $24.9 million in 1992.

Turnover rose 35 per cent to $220.8 million in 1993 from $163.8 million in 1992.

Europe is the company's largest market, contributing 22.5 per cent of sales, followed by North and South America which account for 15 per cent.

All Pantronic plans to expand into China with domestic sales rights secured by its two mainland joint ventures.

Last year, it took a 60 per cent interest in a manufacturing plant making telecommunications products in Songgang, with its Chinese partner, Songgang county in Shenzhen, holding the remaining 40 per cent shares.

The venture, which will start operation in the middle of the year, is licensed to sell 10 per cent of its products in China.

The company has another venture with Songgang for co-operation in the production of voltage converters and other components. That venture is licensed to sell 30 per cent of its products in China.