TSC Offshore has obtained the approval-in-principle from the Stock Exchange of Hong Kong Limited for the Company's shares to be listed and traded on the Main Board and delisted from the Growth Enterprise Market ("GEM").
The last day of dealings in the TSC Offshore's shares on GEM will be June 4, 2009. The Company's shares will then be traded under the new stock code: 206 on the Main Board starting from 9:30 a.m. on June 5, 2009. Board lot size for trading remains to be 1,000 shares.
"We are pleased to obtain Stock Exchange's approval of our transfer from GEM to Main Board. Following our transfer to the Main Board, we expect improved trading liquidity of our shares and wider recognition among the investment public. We believe the listing of our shares on the Main Board will enhance our corporate profile and financial flexibility, which will be beneficial to the Company's future growth and business development," said Mr. Jiang Bing Hua, the Executive Chairman of TSC Offshore.
Since the initial public offer, TSC Offshore has seen continued growth in its operations, product lines as well as results. The Company's profit attributable to equity shareholders for 2008 soared by 163% to approximately US $10.3 million, and stood at US $3.9 million in 2007 and US $4.3 million in 2006.
Mr. Jiang added, "In the near future, we will continue to implement the strategy of 'building solid foundation for further growth in future, with a focus on high technology equipment and capabilities for deepwater equipment.' We are confident in maintaining our industry position with our capability of undertaking a wide range of projects, from small pipe handling upgrading jobs to large comprehensive rig turnkey upgrading projects. Our business nature will remain unchanged following the transfer."
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