Retail Holdings Wants IPO up to US$200 Million for Singer Asia

July 8
9:39 AM 2013

Retail Holdings NV was reported to seek up to US$200 million in an upcoming initial public offering of Singer Asia Ltd, said three anonymous sources. These sources added that the initial public offering could occur in September, the earliest.

Retail Holdings, who owned 56% of Singer Asia, stated that it considered selling shares of Singer via a Singapore listing through a newly formed company. This company, Sewko Holdings Ltd., would hold shares in Singer Asia's eight publicly traded companies, said a June statement.

Singer Asia Ltd. was known for its sewing machines as well as dishwashers, televisions, and air conditioners. The company sold these products to Thailand, Sri Lanka, Pakistan, India, and Bangladesh. Bangladesh gained the highest among the group, with a 77% increase. These companies had around US$470 million market capital combined.

Aside from sewing machines and other appliances, the company also provided financial services such as consumer credit, which accounted for about 50% of its sales in 2012, according to Singer's website.

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