Green Energy Technology Inc (綠能科技) yesterday said that shareholders have agreed to offer up to 80 million common shares via a private placement to potential subscribers, including parent company Tatung Co (大同) and a strategic partner, to help turn around the nation’s biggest solar wafer maker.
Taoyuan-based Green Energy said it is undergoing intensive talks with a potential investor to form a strategic alliance via an equity sale.
Tatung is also to be the major subscriber to its new shares in the first phase of their issuance, it added.
Tatung, which is a household name in the nation’s home appliances market, holds about 43 percent of Green Energy shares via a semiconductor subsidiary.
Green Energy did not disclose how many shares would be allotted to the potential strategic partner.
Through the share sale, Green Energy aims to raise NT$600 million (US$19.86 million) to finance equipment purchases and to replenish operational capital, company president Swean Lin (林士源) told reporters.
The company plans to buy equipment to support an upgrade of multi-silicon technology to slice wafers to using more cost-efficient diamond wire, marking the company’s latest turnaround effort to improve its cost structure.
“The diamond wire wafer-cutting technology will help Green Energy reduce manufacturing costs by 20 percent,” Lin said, adding that the firm started adopting the technology in July.
Green Energy has posted losses amounting to NT$1.3 billion over the past three quarters, as prices plunged due to severe oversupply, he said.
However, the company has seen encouraging signs since July, Lin said yesterday, adding that it has re-enforced his confidence that a turnaround might be around the corner.
“We are optimistic about market demand. Order visibility looks good next month,” Lin said, citing healthy supply and demand.
Global supply of solar wafers this year is expected to reach 90 gigawatts, while demand is to surpass it at 100 gigawatts, he said, citing an unspecified market researcher’s forecast.
“Besides, stable solar wafer prices helped bring the company’s gross margin into the positive last month. There is a good chance for us to return to monthly profits in the third quarter,” Lin said.
Losses last month narrowed to NT$21 million after revenue hit a 12-month high of NT$1.12 billion, the company said.
Shares of Green Energy sank 4.72 percent to NT$17.15 yesterday in Taipei trading, underperforming the TAIEX’s loss of 0.76 percent.
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