Local touch sensor supplier Cando Corp (達虹科技) said its board yesterday elected TPK Holding Co (宸鴻) president Tom Sun (孫大明) as chairman, a move that would further solidify TPK’s control over the firm.
The move came after TPK, which makes touch-screens for Apple Inc’s iPhone and iPad, announced on May 18 that it would buy 180 million shares, or about a 20 percent stake, of Cando for NT$5.58 billion (US$192.9 million) to better secure its supply of the critical component.
Cando is a touch sensor subsidiary of LCD panel maker AU Optronics Corp (友達光電).
The Hsinchu-based company said in a stock exchange filing that its board also promoted vice president Kevin Chuang (莊鋒域) to president and chairman Yuan Chun-hsien (袁鈞賢) to chief operating officer during the management reshuffle. In addition, three TPK representatives, including chief financial officer Freddie Liu (劉詩亮), will sit on Cando’s nine-member board, the filing said.
The company said it would present the management reshuffle and a plan to change the company’s name to shareholders for approval at a meeting on Oct. 5.
Yesterday’s board meeting did not finalize the company’s plan to apply with stock exchange regulators to trade its shares either on the main board — the Taiwan Stock Exchange — or the over-the-counter bourse — GRETAI Securities Market. The company currently trades on GRETAI’s emerging stock bourse.
Because of concerns about current market conditions, the company said it would not submit the listing application in the fourth quarter as originally expected.
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