Hsinchu, Taiwan, September 23, 2024 – Sino-American Silicon Products Inc. (“SAS”, TPEX ticker: 5483-TW) announced that it successfully priced its global depository receipt (“GDR”) offering at US$284 million on September 23, 2024. A total of 55 million units of GDR will be listed on the Luxembourg Stock Exchange, with each unit of GDR representing one common share of SAS. The transaction was priced at US$5.17 per GDR (equivalent to NT$165.43 per common share), representing a 5.74% discount to the closing price per share on pricing day. The proceeds of the GDR Offering will be used in procurement of raw materials in foreign currencies.
In recent years, SAS has successfully transformed and accomplished significant achievements in diversifying its investment portfolio. In addition to its subsidiary GlobalWafers’ semiconductor wafer R&D, design and manufacturing business, SAS Group has expanded the business footprints in renewable energy, automotive semiconductor components, specialty gases, compound materials and chemical materials, etc. In the semiconductor and automotive electronics sectors, SAS has built a competitive industrial chain through strategic alliances with upstream and downstream players and continues to fuel growth with its proprietary international resources and semiconductor sales network. Apart from semiconductors, automotive electronics and related applied materials, SAS has also been expanding the operations in renewable energy with sales such as wind power, hydro power and solar energy to clients in semiconductor industry as well as for SAS Group’s internal consumption. Renewable energy and net-zero carbon emission have become an indispensable global trend. SAS has established a complete value chain in the renewable energy industry, enabling it to provide tailored and one-stop energy solutions to fulfill different needs from its customers.
The transaction is SAS’ second GDR offering, marking another key milestone of the Group. SAS has identified optimal market window and secured favorable offering terms after receiving approvals from regulatory authorities. The offering size was set out at the upper end of the approved issuance range and was positively received by the market and investors, achieving full orderbook coverage shortly after the transaction was launched and was oversubscribed within a few hours. This offering signifies international investors’ strong recognition of and confidence in SAS’s strategies and business prospects. Looking forward, SAS will continue to strengthen its existing competitive advantages, accelerate market exploration, leverage its extensive industry know-how to identify hidden champions, and further expand the Group’s strategic alliances while enhancing the ecosystem within each industrial chain. This aims to foster greater synergies and deliver superior overall operational performance, ultimately creating more value for shareholders as a return on their long-term support of the company.
J.P. Morgan Securities plc acted as Sole Global Coordinator and Sole Bookrunner in this GDR offering.