Hwa Fong plans listing on Thai Stock Exchange

Hwa Fong Rubber manufacturer and distributor of Duro and Dunlop tyres, will list on the Stock Exchange of Thailand on Dec 15. The company will float 11.6 million shares at 10 baht value in its initial public offering from Dec 3-4, according to general manager David Chang. Pricing has yet to be announced.

Funds raised from the offering, estimated at 400 million baht, will be used to build a new factory. Hwa Fong Rubber is 99.99 per cent owned by Taiwan-based Hwa Fong Rubber Industry. Three-quarters of its production is for export markets.

First-half revenues totalled 733 million baht, up 8.6% from the same period last year, with profits of 33 million, up 52%. Total revenues for 2003 are projected at 1.5 billion baht, rising to 1.71 billion next year with the completion of the new factory in the third quarter of 2004.