COUNTRY REPORT SOUTH KOREAFor full allocations, see http://www.ifrasia.com.EQUITY CAPITAL MARKETS
› QSR TARGETS AUGUST IPO FILING
QSR BRANDS, the operator of KFC and Pizza
Hut in Malaysia and Singapore, aims to
file the draft prospectus for an IPO of
US$400m–$500m with the Securities
Commission in August, a person with
knowledge of the transaction has said.
The Malaysian poultry producer and
restaurant operator is targeting a launch
before year-end.
QSR hired banks in late 2016 and
intended to proceed with the IPO last year,
but held back because of the weakness in
the local currency and stockmarket ahead
of the May 2018 federal elections. At one
time it considered an asset sale instead of
an IPO.
Citigroup, Credit Suisse and Maybank are the
joint global coordinators.
QSR is the sole KFC franchisee
in Malaysia, Singapore, Brunei and
Cambodia.
The company was taken private in 2013
by a consortium of CVC and Employees
Provident Fund Board, in partnership with
Johor Corporation.
PHILIPPINES
EQUITY CAPITAL MARKETS
› CAL-COMP PHILIPPINES PLANS IPO
Consumer technology company CAL-COMP
TECHNOLOGY PHILIPPINES is planning to launch
its Ps6.4bn (US$124m) IPO in mid-August
subject to investor demand, a person with
knowledge of the transaction said.
The company is meeting investors to
gauge demand.
In the preliminary prospectus, the
company said it would sell 378m shares
at a maximum price of Ps17. There is a
greenshoe option of 19.9m secondary
shares. Together with the greenshoe
option, the shares to be sold represent 27%
of the company’s share capital.
Cal-Comp is a subsidiary of Taiwan’s New
Kinpo Group.
Cal-Comp manufactures external hard-
disk drives, televisions, personal computers,
laser printers and smart-home appliances.
The IPO funds will be used to expand its
business in the Philippines.
BDO Capital is the issue manager.
› ROBINSONS BANK LIKELY TO GO PUBLICROBINSONS BANK is to be turned into a
universal bank and go public within the
next five years, according to JG Summit
Holdings, the parent of the Philippine
commercial bank.
The plan, first reported by local media,
was confirmed in a stock exchange filing
by the holding company of the Gokongwei
family.
Robinsons Bank is “also not closing its
doors on a prospective partnership with
a foreign bank that can add value to the
bank,” according to the media report later
confirmed by JG Summit.
In the Philippines universal banks are
allowed to engage in underwriting and
invest in equities of non-allied undertakings
in addition to all other activities of
commercial banks.
Robinsons Bank will need to raise its
capital to Ps20bn from Ps15bn to meet the
capital requirements for a universal bank.
According to the local media report, it is
seeking authority to raise its capital to as
much as Ps27bn.
BDO Unibank, Metropolitan Bank and
Trust and Bank of the Philippine Islands are
some examples of universal banks.SINGAPORE
DEBT CAPITAL MARKETS
› CAGAMAS VISITS SING DOLLARCAGAMAS last Thursday raised S$65m
(US$48m) from the sale of two-year bonds
priced at par to yield 2.52%.
Cagamas Global will be the issuer of the
notes, which will be guaranteed by the
parent company. The bond will be rated A3
by Moody’s, identical to Cagamas’ corporate
rating.
CIMB Investment Bank was the dealer for
the notes, which will settle on August 3.
The national mortgage lender recently
raised HK$351m (US$45m) in two-year
notes priced on July 19 at par to yield 3.1%.
BNP Paribas was the dealer, while Bank of
China Hong Kong was co-manager.RESTRUCTURING
› PAC RADIANCE SEEKS PROTECTIONPACIFIC RADIANCE, the cash-strapped offshore
marine services company, has applied to
the Singapore High Court to stay legalproceedings as it continues restructuring
discussions with various stakeholders.
Singapore-listed Pacific Radiance has
asked the court to impose a moratorium
until December 11 on any moves to appoint
a receiver or commence legal efforts
against the company or its assets, except
with the approval of the court.
The application under section 211B(1)
of the Companies Act (Cap 50) grants the
company immediate protection for 30
days.
Pacific Radiance won a similar
moratorium for subsidiaries Pacific Crest
and CSI Offshore on June 11. The latest
application filed last Monday relates to the
parent company.
Pacific Radiance is preparing to launch
a consent solicitation early next month to
seek approval from holders of a S$100m
(US$74m) 4.3% bond due August 29 2018 on
a restructuring plan.› SWISSCO UNIT GETS EXTENSIONSWISSCO HOLDINGS has obtained approval from
the Singapore High Court to extend the
judicial management of subsidiary Swissco
Offshore to September 18.
The court approval was given on July- The embattled parent company is
also under judicial management, which
was extended in May to March 19 2019.
The Singapore-based oil and gas services
company also received court approval for
judicial managers to present restructuring
proposals to creditors at meetings by
November 14.
Both Swissco Holdings and Swissco
Offshore were put under judicial
management in April last year, about six
months after Swissco Holdings defaulted on
a coupon payment on S$100m 5.7% bonds
due April 2018.
SOUTH KOREA
DEBT CAPITAL MARKETS
› SK BROADBAND EYES DOLLAR BONDSK BROADBAND, rated A–/A– (S&P/Fitch), has
hired BNP Paribas, Citigroup and HSBC to
arrange fixed income investor meetings in
Asia and Europe, starting on July 30.
A US dollar-denominated Reg S offering
with a short to intermediate maturity may
follow, subject to market conditions.
The company is a leading provider of
IPTV, broadband and VOIP services in South
Korea.