Farglory Land Development has appointed JP Morgan as depositary bank for its global depositary receipt (GDR) listing on the London Stock Exchange’s Professional Securities Market.
The listing, which marked the first ever GDR by a Taiwanese property company, saw Farglory raise US$210.3m after issuing 43,000,000 GDRs at an issue price of US$4.89 per unit. Farglory, Taiwan’s largest property developer, expects to use the capital raised to expand its operations into China.
Steven Hsu, vice president of finance, Farglory, said: “We’re extremely excited to have broken new ground as the first Taiwanese property developer to launch a GDR programme. Our listing on the London Stock Exchange’s Professional Securities Market is an important part of our long-term growth plans, and the capital raised will be instrumental as we build out our China strategy. Our many thanks go to JP Morgan’s depositary receipts team, which supported this key initiative every step of the way with a comprehensive range of DR services.”
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