Solar cell supplier Motech replaces ailing chairman

Motech Industries Inc (茂迪), the nation's top solar cell supplier, yesterday said the board had tapped company president Simon Tsuo (左元淮) to succeed Cheng Fu-tien (鄭福田) as its new chairman after Cheng resigned owing to health problems.

The company "believes Tsuo will steer Motech to a bright future in light of his brilliant performance over the past years," the company said in a filing to the Taiwan Stock Exchange.

Motech did not reveal details of Cheng's health condition.

Tsuo, who joined Motech in the summer of 1999, will double as company president.

The change is not expected to have any impact on the solar cell manufacturer's expansion plans for this year.

Motech shares advanced 0.19 percent to NT$270.5 yesterday, while smaller rival E-Tone Solar Tech Co (益通光能) fell 0.17 percent to NT$298.5 on the GRETAI Securities Market (櫃台買賣中心).

Motech yesterday reaffirmed its plan to boost annual output by nearly 60 percent to 280 megawatt by the end of this year from last year's 176 megawatt after securing sufficient new supplies of silicon wafers.

The company also plans to expand its annual capacity to 580 megawatt this year from 240 megawatt last year after adding new equipment to factories in Taiwan and Kunshan, China.

Motech said revenues climbed 92.34 percent to NT$15.58 billion (US$480 million) this year from last year.

Separately, silicon wafer supplier Wafer Works Corp (合晶) yesterday said it planned to launch a roadshow in Hong Kong for its affiliate Solargiga Energy Holdings Ltd before its initial public offering next month. Solargiga would be the first solar stock listed on Hong Kong's bourse.

The stock price of Wafer Works dropped 0.85 percent to NT$174 yesterday.