8/31/2020
The special Shareholders' Meeting of Silitech Technology resolved the private placement of cash to increase capital, and its special meeting of Board of Directors elected Mr. Yu-Heng Chiao as Chairman
(2020/08/31) Silitech Technology Corp. (TWSE: 3311) special Shareholders' Meeting resolved the private placement of cash to issue ordinary shares for long-term strategy development and competitiveness enhancement. Silitech has a paid-in share capital of NT$600 million, and the maximum of this private placement case is not more than 9,000 thousand shares. It will be issued one or two times within one year from the date of the resolution of the shareholders' meeting. If all the shares are issued, it is expected that the paid-in capital will increase to NT$690 million. The special Shareholders' Meeting also re-elected Walsin Technology Corporation’s representatives Mr. Yu-Heng Chiao and Ms. Chin-Hui Chen as directors. In the same day, its special meeting of Board elected Mr. Yu-Heng Chiao as Chairman with main responsibility for corporate governance, Board operations, long-term growth strategy, accelerating its transformation, expanding its operation scale as well as strengthening Silitech’s core competitiveness, effective immediately. Lite-on Technology Corporation’s representative Mr. Raymond Soong, after stepping down as Chairman of Silitech, will remain as a member of the Board. The other one representative Mr. Warren Chen, after stepping down as Vice Chairman of Silitech will continue to be a member of the Board. Both of the two directors will continue to participate in the operation of the board of directors.
The Company manufactures feature phones keypads and automobile parts, due to the popularity of touch-controlled smartphones, demand for mobile phone keypads has been on a gradual decline. In response, the Company has turned to cross-industry applications in two categories: Mechanical Integration and Automotive Components. In Mechanical Integration: the Company has continuously developed new cross-industry applications such as the wearable industry and smart watch strap modules, smart lock modules, netcom components and optical mechanism modules and other fields. In Automotive Components: in addition to solidly profitable automotive interior components, the Company also developed new technologies for interior mechanical components.
After capital reduction to improve the capital structure and capacity downsizing in mainland China last year, gradual reduction of Shenzhen Xurong plant’s production in this year, and focus on automotive components, Silitech already has the conditions for stable and profitable small but beautiful now. In the long term, the Company is aimed at expanding the scale of operations and increasing the volume of business development. Therefore, in order to grasp the industry trends and accelerate the momentum of transformation, Silitech plans to evaluate at priority investors who can help the Company to expand the scale of operations and provide future development benefits as candidates. The applicants in this private placement case are tentatively based on Walsin Technology Corporation (hereinafter referred to as " Walsin "). As of August 31, Walsin holds 9,000 thousand shares of Silitech. If Walsin is fully subscribed, it is expected that the total shareholding of Walsin will increase to 18,000 thousand shares, accounting for 26% of the share capital after private placement. The actual issuance conditions will be based on the relevant regulations of private placement and the resolutions of the shareholders' meeting, and the resolution by the board of directors meeting both of the Company and Walsin which will be convinced respectively. The funds introduced in this private placement case, in addition to meeting the needs of future strategic cooperation and development, expanding channels, and enriching working capital, furthermore, through the investor's experience, technology and channels, the investor will help Silitech to upgrade in 5G, automotive and other fields competitive advantages in order to expand the market and create long-term shareholder value.
Spokesperson: James Huang, President TEL: 886-2-2623-2666
The Company manufactures feature phones keypads and automobile parts, due to the popularity of touch-controlled smartphones, demand for mobile phone keypads has been on a gradual decline. In response, the Company has turned to cross-industry applications in two categories: Mechanical Integration and Automotive Components. In Mechanical Integration: the Company has continuously developed new cross-industry applications such as the wearable industry and smart watch strap modules, smart lock modules, netcom components and optical mechanism modules and other fields. In Automotive Components: in addition to solidly profitable automotive interior components, the Company also developed new technologies for interior mechanical components.
After capital reduction to improve the capital structure and capacity downsizing in mainland China last year, gradual reduction of Shenzhen Xurong plant’s production in this year, and focus on automotive components, Silitech already has the conditions for stable and profitable small but beautiful now. In the long term, the Company is aimed at expanding the scale of operations and increasing the volume of business development. Therefore, in order to grasp the industry trends and accelerate the momentum of transformation, Silitech plans to evaluate at priority investors who can help the Company to expand the scale of operations and provide future development benefits as candidates. The applicants in this private placement case are tentatively based on Walsin Technology Corporation (hereinafter referred to as " Walsin "). As of August 31, Walsin holds 9,000 thousand shares of Silitech. If Walsin is fully subscribed, it is expected that the total shareholding of Walsin will increase to 18,000 thousand shares, accounting for 26% of the share capital after private placement. The actual issuance conditions will be based on the relevant regulations of private placement and the resolutions of the shareholders' meeting, and the resolution by the board of directors meeting both of the Company and Walsin which will be convinced respectively. The funds introduced in this private placement case, in addition to meeting the needs of future strategic cooperation and development, expanding channels, and enriching working capital, furthermore, through the investor's experience, technology and channels, the investor will help Silitech to upgrade in 5G, automotive and other fields competitive advantages in order to expand the market and create long-term shareholder value.
Spokesperson: James Huang, President TEL: 886-2-2623-2666
