Shareholders of Lextar Electronics have approved plans to raise funds via a private placement of no more than 50 million shares to purchase production equipment.
Through the fund raiser, the Taiwan-based LED maker also hopes to form strategic alliances with companies both upstream and downstream, according to the company chairman HB Chen. The company did not provide a timeframe for the fund raiser.
Lextar posted NT$2.03 billion US$63 million in revenues in 2009, of which 97% came from LED chip packaging and 3% from chip production. Capex for 2009 reached NT$1.92 billion and it registered NT$7.41 million in profits. Through the first five months of 2010, the company's sales amounted to NT$2.6 billion.
Lextar, which is currently traded on Taiwan's emerging stock market, has plans to apply for listing on the Taiwan Stock Exchange TSE by year's end, Chen revealed.
