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IBF Financial's Associate Concludes Recapitalization

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IBF Financial's (TPE:2889) associate, Rakuten International Commercial Bank, completed a capital reduction and a simultaneous capital increase, according to a Monday filing with the Taiwan Exchange.

The financial holding company's 49% associate reduced its paid-in capital to about NT$7.22 billion, which lifts its net worth per share to an expected NT$9.70.

Meanwhile, following the issuance of around 277.9 million shares via a private placement, raised around NT$2.78 billion, thus restoring the paid-up capital to NT$10 billion.

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