A top business leader yesterday welcomed the legislative passage of an amendment draft to the Company Law, saying the revised bill will make it much easier for companies to raise capital by issuing new shares or corporate bonds.
"The revised bill is aimed to remove many outdated or unreasonable restrictions, and to provide greater flexibility for businesses raising funds in Taiwan," said Gary Wang (王令麟), chairman of the General Chamber of Commerce (全國商業總會), in a statement.
Wang, also a KMT lawmaker, said the revised law will help the nation's small and medium-sized enterprises -- in particular firms that are not listed on either the Taiwan Stock Exchange or the over-the-counter Taisdaq exchange -- to issue corporate bonds to raise capital from the public.
"Some 600,000 small and medium-sized companies -- including the biotechnology and venture capital firms -- will be able to issue corporate bonds to raise funds," he said.
The amendment also allows companies to issue shares priced below per value of NT$10 each, Wang said after the draft amendment passed the legislative third reading on Thursday.
The Company Law has been revised for nine times since it was first promulgated in 1929. Of its 443 articles, 234 were revised and approved by the legislature on Thursday.
According to Wang, the revised law will help ease the process by which companies can reorganize, merge and split into two entities to help them strengthen their business operations.
"To encourage companies seeking mergers and acquisitions, costs that involve such business consolidations can be offset in a period of five years," he said. He also stressed that the law will help protect small shareholders' rights.
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