Monday 10th December 2007
AIM IPO for foam manufacturer
FoaMasters, a Jersey-incorporated company that manufactures foam and related products through eight factories in China and Vietnam, has floated on AIM with a market capitalisation of US$64 million (£31.4 million).
The 43-year-old company produces a range of foams including flame-retardant, high-resilience, and environmentally friendly foams for use in industries such as bedding, footwear and furniture. Some 15 per cent of its sales are generated from the sale of finished products, including bedding products under its own S’fonia brand (launched last year) as well as white-label goods for retailers such as Littlewoods and Wal-Mart.
CEO Jack Cheong comments: ‘We have a robust and fast-growing business that is capitalising on the demand for specialist foam products, and we anticipate significant growth in both the revenues and profits of the company in the short to medium term.’
The other directors of the company include Cheong’s twin brother Richard, who holds the position of deputy CEO. The brothers, aged 42, both graduated from the National University of Singapore.
FoaMasters has benefited from environmental and safety legislation in Western countries, which has increased demand for its products among Chinese exporters of bedding products and furniture. It also sees growth in the domestic Chinese market, especially in the tourism industry where it says 2,000 hotels with over 300,000 rooms will be refurbished in the five-year period to 2009.
Nick Britton
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