Taiwan’s Chimei to raise $200m in share offer

Loss-making Taiwanese panel maker Chimei Innolux said it will raise T$6 billion ($200 million) in an offering of 600 million new shares.

The world’s No.3 LCD maker said 10 percent of the issued shares would go to employees. It did not elaborate on the reason for the capital raising in a statement late on Monday.

Chimei lost $2.2 billion in 2011 after losing some $500 million the year before, beset by falling prices and slow demand as well as by rising costs to produce panels.

It has recently agreed with its banks on extending repayments on some $8 billion in loans after the government stepped in to lobby banks to support the company.

http://in.reuters.com/article/2012/06/26/chimei-offering-idINL3E8HQ01220120626

 

Category: Taiwan