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.