Blog yOur Mind

More from China’s shoe industry keen to list in Bursa

Posted on: June 17, 2009

By Lim Chong

Bernama – Wednesday, June 17

KUALA LUMPUR, June 16 (Bernama) — More companies involved in China’s growing sport shoes industry are interested to list their shares on Bursa Malaysia, according to AmInvestment Bank Bhd.

Its director of regional business, Lim Tong Lee, said another four to five companies have already shown keen interest to go for listing here following the move by China-based Multi Sports Holdings Ltd to list on the Main Board next month.

“We expect them to monitor the performance of Multi Sports in Malaysia. This could lay the groundwork for more listings in the near future,” he told Bernama during a media visit to Jinjiang City in China’s Fujian Province.

More than 3,000 companies are involved in the sport shoes industry in Jinjiang, known as “China’s Shoe Capital” and accounting for 20-24 percent of the world’s sport shoes production.

Lim said AmInvestment Bank, which is handling the listing of Multi Sports, expects more Chinese firms to take advantage of the new listing requirements and tax incentives offered by Malaysia.

He said Chinese companies are traditionally listed in Hong Kong and Singapore, and more recently, they have also been looking at South Korea.

“We have been working to convince some of them to list in Malaysia which is new to them. Malaysia is full of liquidity and even the foreign banks are coming in to tap the funds,” he said.

Lim said the Malaysian government has been actively promoting the capital market and efforts by Bursa Malaysia and the Securities Commission have made it easier for foreign firms to to list their shares here.

The recent visit by Prime Minister Datuk Seri Najib Tun Razak has also given Chinese investors an assurance of the government’s pro-business policy, he said.

Lim said that Multi Sports, when listed on the Main Board, would be subjected to the same rules and regulations as other listed companies.

The group, he said, was considering setting up a corporate office in Malaysia after the listing and making regular visits to provide briefings on its progress and development.

A Malaysian, Teoh Toh Soon, has also been appointed as Multi Sports’ chief financial officer. Teoh, who was previously executive director of TT Consulting Group, joined the group in May 2009.

Lim said AmInvestment Bank, though not having a presence in China yet, has a dedicated team to focus on the China market.

“We travel regularly, at least twice a month, to China to look for business,” he said.

“This is a prelude to setting up an office in China, which is too large a market to be neglected,” he added. — BERNAMA



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