Asia Pacific to cut capitalization in bid to meet threshold

Asia Pacific Broadband Telecom (APBT, 亞太固網) will cut its paid-in capitalization and increase capital to strengthen its financial structure to meet the requirements for fixed-line operators, Vice Minister of Economic Affairs Shih Yen-hsiang (施顏祥) said yesterday.

APBT is a unit of the scandal-embroiled Rebar Asia Pacific Group (力霸亞太企業集團).

The company underwent a government probe and an independent audit by accountants from the Ministry of Economic Affairs and the National Communications Commission in January.

The accountants determined the net worth of APBT was lower than NT$40 billion (US$1.21 billion), the threshold for fixed-line operators, Shih said after meeting Lai Chun-tien (賴春田), acting chairman of APBT.

Shih did not give a specific figure for APBT's net worth.

APBT will hold a shareholder meeting on April 30 and plans to apply for an initial public offering after the meeting, he said.