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Reseller for Apple seeks listing on Catalist
Gabriel Chen Fri, Jan 11, 2008 The Straits Times
AFOR, one of five premium retailers of Apple brand electronic products in Singapore, is launching its initial public offering for a listing on the new Catalist board. Afor sells Apple products through its EpiCentre stores at Wheelock Place and Suntec City Mall and has a similar store in Kuala Lumpur. It is selling 23.5 million new shares at 33 cents each - one million to the public and the rest by way of placement to institutions. The offer price represents a price-to-earnings (PE) ratio of 6.65 times, which is calculated using a net profit after tax of $3.47 million for financial year 2007 and a pre-offering share capital of 70 million shares, Afor said yesterday.

Afor hopes to raise net proceeds of $7.8 million, with $4 million to be used to fund the expansion of its business operations. The rest is earmarked for issue expenses and as working capital.

Afor chief executive Jimmy Fong said his firm hopes to bring the much-anticipated iPhone to Singapore. This, however, is dependent on when Apple chief Steve Jobs clears the combination cellphone-iPod media player's launch date and distribution mechanism in Asia, Mr Fong said.

Industry watchers say the iPhone should be fully available in Singapore in the first half of the year. All iPhones now sold here are 'parallel imports' not covered by a warranty.

Trading in Afor is expected to begin next Friday, two days after the offer closes on Wednesday at noon.