Former BenQ in private placement

Qisda Corp, formerly known as BenQ, announced that Taiwan-based China Development Industrial Bank will increase its stake in the firm to 7.69%, announced the leading LCD producer in Taiwan.

China Development Industrial Bank, a subsidiary of China Development Financial Holding, would purchase US$99 million worth of shares from Qisda through a private placement. After the acquisition, it would be the second largest institutional shareholder of Qisda after AU Optronics.

AU Optronics said yesterday that it would raise its stake in Qisda from 5.12% to 9.58% by buying RMB 500 million worth of Qisda shares in the same placement.

The money raised from the private placement will be used to strengthen its finances. The company has booked RMB 782.5 million net income after tax and RMB 7.7 billion consolidated revenue in the fourth quarter last year.