Shareholders of Wintek Corp (勝華), which supplies touch-panels to Apple Inc and Nokia Oyj, yesterday approved the company’s plan to raise capital of between US$290 million and US$387 million through the sale of global depositary receipts (GDR).
Wintek said in a stock exchange filing that shareholders approved the fund-raising plan at an extraordinary meeting held yesterday in Taichung.
Proceeds from the GDR issue, which its board of directors gave the green light in October, are expected to fund touch-panel expansion and new investments in organic light-emitting diode (OLED) displays.
Details of the GDR issue, such as the number of new common shares issued to back up the GDR, the possible prices of each GDR unit and the timeframe of the issue, are still not being decided, according to the company’s filing.
As the GDR issue has to be approved by the Financial Supervisory Commission, Credit Suisse analyst Robin Cheng said he expected the issue to take place in the first half of next year.
Wintek’s planned GDR issue follows other Taiwanese tech companies — including Hon Hai Precision Industry Co (鴻海精密), AU Optronics Corp (友達光電), Acer Inc (宏碁) and Sino-American Silicon Products Inc (中美晶) — that have raised capital via GDR or Euro-convertible bond (ECB) sales to fund future expansion.
Wistron Corp's (緯創) board yesterday approved a proposal to sell up to 150 million new shares through the GDR issue and issue up to 60 million new shares to strengthening its working capital, the contract electronics maker said in a separate stock exchange filing.
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