Genesis Photonics Increases Capital to Repay Bank Loans

Taiwanese LED chip manufacturer Genesis Photonics Inc (GPI) board meeting on January 21st decided to initiate capital increase, publishing 40 million shares at NT $14.5 each (US $.48) and raised resource of NT $580 million (US $19.2 million). According to a report released by the company, the increase in capital is for use in repaying bank loans. Shareholders can begin subscribing on March 11th.

Among the 40 million shares published, 6 million are for company employees and 30 million are for shareholders, with a subscription rate of 75 percent. The remaining 40 million shares will be open for public bidding.

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