TCL Communication puts Taiwan listing plan on hold

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TAIPEI, May 17 (Reuters): Chinese handset maker TCL Communication Technology Holdings will put its Taiwan listing plan on hold amid recent poor market sentiment and may reduce the size of any offer, a company source told the reporter Tuesday. TCL announced a plan to issue up to 217 million Taiwan Depositary Receipts (TDRs) in December last year. In March it said the issue would be the equivalent of up to 10 per cent of its outstanding shares, with an application to the regulators around May. The source said Tuesday that the company remains interested in a TDR listing, but was waiting to see how market conditions turn out before making a final decision. Any future listing was likely to be around 5 per cent or less of its total outstanding shares, he said. The source declined to be identified because he was not authorised to speak to the media. "We don't need the money, we wanted to list in Taiwan to enhance our branding platform because it is a hub for tech industry," said the source, adding that the company now holds HK$1.3 billion ($167.2 million) in cash.