Mainboard-listed Ziwo Holdings says it has received approval from The Securities and Futures Bureau of Taiwan Financial Supervisory Commission, Executive Yuan for the offering and listing of up to 71.2 million Taiwan Depository Receipts (TDRs) on the Taiwan Stock Exchange.

As each TDR represents 1.25 shares, up to 89 million Ziwo shares will be issued, with 59 million in new shares and 30 million in existing shares.

Ziwo has also received approvals from the Taiwan Central Bank, Taiwan Stock Exchange and the Singapore Exchange Securities Trading Limited.

The company intends to use the proceeds from the Proposed TDR Issue to fund its second phase expansion plan which consists of the construction of a multi-purpose office building, 2 factory buildings, as well as the four additional foamed SBR production lines.

The 2nd phase expansion plan would boost its production capacity for foamed SBR by another 31,500 tonnes, allowing it to reach a maximum capacity of 64,900 tonnes. Construction of the site has already begun in November 2010 and the group expects to complete the project within nine months.