Jinan Acetate Chemical (TPE:4763) board approved issuing 109.3 million new shares, worth around NT$4.9 billion, for a share exchange, according to a Monday filing with the Taiwanese bourse.
Shares of the company fell over 3% in Tuesday's trade.
The new shares have a par value of NT$1 each.
The company did not disclose an issue price or details on the shares to be exchanged in the filing.