Nanya Technology has announced that four affiliates of parent company Formosa Plastic Group will subscribe to its new shares through a private placement, according to a company filing with the Taiwan Stock Exchange. Nanya expects to raise about NT$30 billion (US$993.3 million) from the private share issue.

Nanya decided to issue 10.83 billion new shares for sale to the target investors at a price of NT$2.77 per share. Proceeds will be used to improve its financial structure and increase working capital, the company said.

After the fundraiser is carried out, Nanya's capital will expand to NT$148.6 billion from the current NT$40.3 billion.

Nanya reported net losses of NT$11.96 billion for the third quarter, which brought total losses for the first three quarters of 2011 to NT$28.89 billion. Its net value per share for the nine-month period fell to only NT$0.94.

Nanya expects to raise about NT$30 billion (US$993.3 million) from the private share issue.

By: DocMemory
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