To reduce risk, Green Energy Technology Inc (綠能科技), the nation’s top solar wafer maker, yesterday said that it planned to sell as many as 60 million shares to public investors either at home or overseas, rather than to private investors as originally planned.
The company’s announcement came after the Financial Supervisory Commission tightened its rules on the private placement of shares by public firms to safeguard shareholders’ interests.
The regulator bars companies that make profits from selling shares via private placements unless they obtain prior approval from the commission.
Green Energy posted net profits of NT$633 million (US$19.8 million), or NT$3.63 per share, for the first half of the year, compared with losses of NT$98.8 million a year ago.
“We hope to raise the funds as planned. We do not have any example to follow after the rule takes effect,” Green Energy spokesperson Christine Chen (陳婷婷) said by telephone.
Green Energy originally hoped to introduce new strategic partners by selling shares to potential investors — primarily its customers — via private placements, Chen said. She declined to disclose the names of potential investors.
Those investors could still subscribe to Green Energy shares via a public offering and they would not be required to hold the shares for a fixed period, she said.
The solar wafer maker planned to use the proceeds to buy equipment and expand capacity to meet fast-growing customer demand.
Green Energy is set to hold a ground-breaking ceremony for new solar wafer production lines, which cost the firm NT$5.77 billion on Friday.
Yesterday, Green Energy said in a filing to the Taiwan Stock Exchange that the board had approved the proposal to cancel a Nov. 16 special shareholder’s meeting to discuss the sale of its shares to private investors.
Green Energy shareholders gave the go-ahead to the share sale on June 4.
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