Tuesday, April 01, 2008

AU to spend NT$2 billion to raise stake in Qisda

AU Optronics Corp., Taiwan's biggest maker of liquid-crystal displays, plans to spend NT$2 billion (US$66 million) to raise its stake in electronics maker Qisda Corp.
AU Optronics's board approved the proposal to buy 90.5 million shares in a private placement at NT$22.11 a share, boosting its stake in Qisda to 9.58 percent, the Hsinchu-based company said in a filing to the Taiwan Stock Exchange Monday. AU Optronics currently owns 5.12 percent in Qisda, which was formed from BenQ Corp.

Qisda surged 5.6 percent to close at NT$25.60 in Taipei trading before the purchase plan was announcement. The Taoyuan-based company on March 28 said in a filing to the island's stock exchange that it plans to sell NT$5 billion of stock, or 226.1 million shares, to increase its working capital.

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