Green light for Mustek`s Taiwan listing

By Staff Reporter for Mustek
Johannesburg, 12 Dec 2002

IT distribution group Mustek has received all the regulatory approvals for the listing of its Taiwan depository receipts.

The group says an underwriting agreement has been signed between Mustek and Yuanta Core Pacific Securities.

It is to issue 20 million shares for cash to the custodian bank. These shares will underlie the 20 million depository receipts which will be listed on the Taiwan Securities Exchange at the equivalent of 500c per receipt.

Until now, the group has said only that the listing price would not be less than 450c a depository receipt. The new price brings the value of the share issue to R100 million.

Mustek shareholders will also be able to participate in the listing, as they will have the option to sell up to 10% of their Mustek shares to the company at the Taiwanese depository receipt listing price by way of pro rata buy-back.

The group says a circular containing details of the pro rata offer will be sent to shareholders within the next month.

The Mustek share, which gained 10c to close at 475c on the JSE yesterday, was trading unchanged this morning.