ASEAN KEY DESTINATIONS
GTI factory expansion under way before IPO
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.
“The progress on this new expansion has already started and the building will be finished this year in October and we will start hiring then,” Chen said.
“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.
Stephen Hsu, 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.
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