Diode maker Pan Jit International Inc (強茂) on Friday said it would exercise a capital reduction scheme in a bid to adjust its capital structure and return NT$1 per share to shareholders.
Pan Jit plans to reduce its paid-in capital by 10 percent, or NT$369.79 million (US$12 million), it said in a regulatory filing.
The reduction plan, which is subject to approval at a shareholders’ meeting on June 13, would see the company’s paid-in capital drop to NT$3.33 billion, it said.
The company’s board earlier on Friday approved the capital reduction plan, Pan Jit said.
With a proposed cash dividend of NT$0.5 per common share, the company plans to distribute a total of NT$1.5 per share, it said.
The board of directors also signed off on the company’s financial statement for last year, which showed that it swung into profit after booking investment gains from Zhejiang Firstar Panel Technology Co (浙江星星科技) and disposing of Jiangsu Aide Solar Energy Technology Co (江蘇艾德太陽能).
Pan Jit decided to divest the indebted solar cell and photovoltaic module subsidiary in China’s Jiangsu Province early last year due to nine years of consecutive losses.
The company reported a net income of NT$891.74 million for last year, or earnings per share of NT$2.41, compared with a net loss of NT$339.29 million in the previous year.
Operating income was NT$932.46 million and revenue was NT$11.37 billion last year, down from NT$943.03 million and NT$11.89 billion respectively a year earlier.
In the first two months of this year, cumulative revenue totaled NT$1.29 billion, down 30.76 percent year-on-year, which Pan Jit attributed to a higher comparison base last year and the negative effects of the US-China trade dispute.
Pan Jit shares fell 1.45 percent to NT$27.15 on Friday in Taipei.
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