Test Rite International Co (特力), a Taiwanese company engaged primarily in trading and retail businesses, yesterday announced a capital increase for its subsidiary Test Rite Retail Co (特力屋), plus an initial public offering within three years.
The home improvement retail unit would issue 26 million common shares at NT$38 per share, raising a total of NT$988 million to strengthen its working capital, the parent company said.
A majority of 85 percent of the new shares will be subscribed by the company’s existing shareholders, while the remaining 15 percent will be reserved for its employees, it said.
Photo: Chang Jing-ya, Taipei Times
The capital increase would boost the retail unit’s paid-in capital from NT$700 million to NT$960 million, with the parent company’s stake declining from 100 percent to 72.92 percent, it said.
The retail unit currently operates 63 stores across Taiwan including 28 large stores and 35 community outlets. It is seeking to expand its retail footprint by adding 6 new stores this year, bringing the total to 69 locations, the company said.
In addition, the unit is actively expanding its service-oriented business highlighting the offer of free professional consultation and in-home services.
This program has seen positive results in pilot locations in Taipei and New Taipei City, the company said, adding that it would expand the program to six more stores this year.
In the future, the unit plans to accelerate its e-commerce development, focusing on home renovation solutions, while strengthening its online-merge-offline model to drive overall revenue growth, it said.
Test Rite International reported consolidated revenue of NT$36.77 billion for last year, an increase of 3.65 percent from the previous year, with NT$19.77 billion from the trading business and NT$17 billion from the retail business. It serves retailers at home and abroad, including Wal-Mart Inc, Sam's Club, Target Corp, Office Depot Inc and Carrefour SA.
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