Sat, Dec 15, 2012 - Page 14 News List

Genius Electronic plans share sale to strengthen finances

By Kevin Chen  /  Staff reporter

Camera-lens maker Genius Electronic Optical Co (玉晶光) said yesterday its board had approved a capital increase plan through equity financing to strengthen its financial structure.

In a filing to the Taiwan Stock Exchange (TWSE) after the local stock market closed, the company, based in Greater Taichung’s Daya District (大雅), said its board had agreed to raise NT$100 million (US$3.44 million) in new funds by issuing up to 10 million shares priced at NT$10 per share.

The company plans to sell 10 percent of the new shares on the open market, with original shareholders and employees accounting for 80 percent and 10 percent respectively, according to the filing.

The company did not say when it expected to begin the new share sale, but had authorized its chairman, Jones Chen (陳天慶), to proceed with the planned deal at the appropriate time, the filing showed.

“The company aims to use the proceeds from this capital increase to repay debts and strengthen working capital,” Genius Electronic said in the filing.

The company would also use part of the proceeds to invest in its Chinese subsidiary in Xiamen, Fujian Province, it added.

Genius Electronic reported record revenue of NT$1.35 billion last month, up 10.91 percent month-on-month and 78.1 percent year-on-year.

In the first 11 months of the year, consolidated revenue totaled NT$10.43 billion, up 40.88 percent from a year earlier.

Shares of Genius Electronics fell 3.93 percent to NT$220 in Taipei trading, rising 6.28 percent so far this year, TWSE data showed.

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