Deal Listings

AIM IPO for foam manufacturer

Dec 07/Jan 08 issue

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 (£32 million).

The 43-year-old company produces a range of products, including flame-retardant, high-resilience and environmentally friendly foams for use in industries such as bedding, footwear and furniture.

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.

CEO Jack Cheong says he has ‘a robust and fast-growing business which is capitalising on the demand for specialist foam products’. The other directors of the company include Cheong’s twin brother, Richard, who is deputy CEO.

The brothers, aged 42 (pictured), both graduated from the National University of Singapore.