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Lotes Board Approves Up to NT$5.6 Billion in Share, Convertible Bond Issues; Shares Slump 10%

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Lotes (TPE:3533) board has approved plans to issue up to NT$3 billion of its third domestic unsecured convertible bonds, according to a Wednesday Taiwan Exchange filing.

Shares of the precision electronic interconnect components manufacturer dropped 10% in Wednesday's afternoon trade.

The three-year bonds will carry a 0% coupon and have a face value of NT$100,000 each. Lotes will use the proceeds to boost working capital.

According to a separate same-day filing, the company's board approved a cash capital increase of up to about NT$2.6 billion by issuing a maximum of 1.3 million shares.

The shares will have a par value of NT$10 each, with a tentative issue price of NT$1,200 to NT$2,000 per share.

The proceeds will be used to increase working capital, it said.

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