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Thursday, March 11, 2010
Hon Hai Precision Board OKs Sale Of 430 Million New Shares To Back GDRs
By Alex Pevzner
Dow Jones Newswires
TAIPEI -(Dow Jones)- Hon Hai Precision Industry Co. (2317.TW), the world's biggest contract electronics maker by revenue, said Thursday its board approved the sale of 430 million new shares to back a Global Depositary receipts offering.
Hon Hai Precision didn't say how much it plans to raise from the GDR sale, but based on its closing share price of NT$137.50 Thursday, it could raise NT$59.13 billion (US$1.86 billion) from the sale.
The company's board approved the new share sale to raise funds for operations, Hon Hai said in a statement. The plan needs to be approved by the company's shareholders, it said.
Copyright © 2009 Dow Jones Newswires
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