Green Seal Holding Co (綠悅) shares on Friday rose by the daily maximum after the maker of biaxial-oriented polyamide (BOPA) film announced a privatization plan a day earlier in a bid to pursue greater operational flexibility and business development.
The shares closed at NT$34.15 on the Taiwan Stock Exchange on Friday.
The stock has dropped 4.34 percent this year, underperforming the benchmark TAIEX, which has advanced 11.28 percent in the period.
Green Seal is the largest supplier of BOPA film in China. The film is used in packaging for food, household products, medicine and electronics.
In a regulatory filing issued on Thursday, Green Seal said its board of directors approved a plan to sell the company’s shares at NT$40 apiece to Great Plan International Ltd (鴻圖國際) and Treasure Team Holdings Ltd (寶添控股), merge with them and then apply to be delisted from the Taiwan Stock Exchange, the filing said.
The merger is expected to be completed on Oct. 14, if it gains shareholder approval at an extraordinary meeting set for Aug. 28, the filing said.
Green Seal has not set a timeframe for delisting. Due to a supply glut and intense competition, Green Seal reported a net loss of NT$115.59 million (US$3.72 million) in the first quarter, or losses per share of NT$0.71, compared with a net loss of NT$23.39 million a year earlier.
The firm is yet to release its second-quarter earnings results.
Due to a decline in the average price of the company’s products and a lower factory utilization rate, revenue in the first half of the year dropped 14.52 percent year-on-year to NT$1.83 billion, while gross margin decreased 27.85 percentage points annually to 7.73 percent, a company financial statement showed.
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