With Grand Twins International
(GTI) set to go public on Monday, representatives from the company confirmed
yesterday that expansion plans were already under way.
During a press conference at
the Cambodia Stock Exchange (CSX), Chen Tsung-chi, non-executive director of
GTI, said construction had already commenced on a $10 million factory an hour
outside of Phnom Penh on National Road 3. “For all workers to come on board, it
will take two to three months. So probably next year we will have full
production at the new factory.” GTI, which mainly manufactures sporting apparel
for Adidas and Reebok, currently employs more than 5,600 people at its existing
factories located just beyond Phnom Penh International Airport. CEO of chief
underwriting firm Phnom Penh Securities, said that with the full offering of
eight million shares at $2.41 each oversubscribed, the garment maker has
successfully generated $20 million in capital.
The listing on Monday will see
GTI become the first private company to go public on the CSX since the exchange
was launched in 2011. It will be just the second company on the CSX, following
the state-owned Phnom Penh Water Supply Authority’s IPO in April 2012.
Source:
http://www.phnompenhpost.com/business/gti-factory-expansion-under-way-ipo
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