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Chimei Innolux to issue US$542.75 mln in GDR

Jul. 19, 2012 (China Knowledge) - Chimei Innolux Corp, the third-largest LCD manufacturer in the world, said yesterday that it plans to issue US$542.75 million of global depositary receipts (GDR) later this year.

The Taiwan-based company said in a statement that proceeds from the GDR issue will be used to fund purchases of components. However, the date and terms of the deal have yet to be finalized.

Chimei Innolux said in late June that its shareholders had granted approval to issue up to 2 billions of new shares to raise more than NT$20 billion by the end of the third quarter to repay debt.

The company suffered a loss of NT$12.77 billion in the first quarter of this year, narrowing from a loss of NT$13.8 billion in the same period of 2011.

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