Evergreen Steel Co applies for listing on main bourse

Posted on 29 August 2020

Evergreen Steel Co (長榮鋼鐵) yesterday applied to trade its shares on the Taiwan Stock Exchange (TWSE), moving up from the smaller Taipei Exchange’s (TPEX) emerging stock board.

It would be the seventh company to apply for listing on the main board this year, the TWSE said.

If the application by Evergreen Steel, which is 22.81 percent owned by Evergreen International Corp (長榮國際), a management unit of Evergreen Group (長榮集團), is approved, it would become the group’s third TWSE-listed arm, after Evergreen Marine Corp (長榮海運) in 1987 and EVA Airways Corp (長榮航空) in 2001, companies’ data showed.

The steel company, which manufactures and distributes steel structure products for skyscrapers and bridges, expects demand to rise this year, thanks to increasing investment by returning Taiwanese companies, it told reporters on Jan. 13, when it listed on the emerging stock board.

Nearly 100 percent of its products are sold domestically, company data showed.

Evergreen Steel’s share price closed yesterday at NT$43.24 in Taipei trading, up slightly from its listing price of NT$41.7.

The company reported a net profit of NT$425 million (US$14.39 million) for the first six months of this year, or earnings per share (EPS) of NT$1.08, up from NT$298 million and EPS of NT$0.77 a year earlier, company data showed.

With paid-in capital of NT$3.99 billion, Evergreen Steel is the largest among the seven companies that applied for listing on the TWSE this year, exchange data showed.

That title was previously held by Hotai Finance Co (和潤企業), which had paid-in capital of NT$3.74 billion, the data showed.

Source : Taipei Times