Shares in Kolin Inc (歌林), the 46-year-old home electronics maker, fell by the 7 percent daily limit yesterday, closing at NT$1.69 (US$0.05), after a company check payable to Arima Computer Corp (Arima, 華宇光能) for NT$20 million bounced.
The bounced check added to the TV maker’s recent woes.
Company executives did not return phone calls asking for comment yesterday.
Aside from the bounced check, Kolin also owes Arima an additional NT$172 million. Arima shares also traded limit down yesterday, closing at NT$5.12.
In a company filing to the Taiwan Stock Exchange, Kolin said it has more than NT$5.943 billion in uncollected accounts payable and that the counterparty, Syntax-Brillian Corp (SBC), only has available assets of NT$61.91 million.
The electronics maker has invested in US-based SBC since 2004.
CnYes.com (鉅亨網) yesterday reported that Kolin’s current short term amounts to NT$3.721 billion, while its current assets only amount to NT$426 million.
As a result of the liquidity issue, Kolin is currently looking for buyers for its shopping center located in Sinjhuang (新莊), currently valued at NT$7billion.
Kolin general manager Lee Dun-ren (李敦仁) said that the company was in negotiations with a potential buyer from Singapore, but that no final agreement had been reached, the report said.
Kolin was also open to investors purchasing a 70 percent stake in Kolin Development (歌林開發), the subsidiary that owns the shopping complex, Lee said last week.
This is not the first time Kolin has defaulted on a scheduled payment. Earlier this month Kolin also missed a debt payment of NT$50 million to Cosmos Bank (萬泰銀行).
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