CHT to decrease capital surplus over NT$19 billion, set up subsidiaries in Japan and Singapore
Chunghwa Telecom (CHT) will reduce its cumulative legally required capital surplus by NT$19.116 billion (US$629 million) by shifting the fund to paid-in capital and then downsizing the expanded paid-in capital by the same amount as well as establishing subsidiaries in Japan and Singapore.
CHT's board of directors approved the moves at a meeting on June 27, CHT noted. The legal date for the downsizing of paid-in capital is December 30, 2008 and CHT will return NT$1.97 per share to shareholders at the end of March 2009, CHT indicated. However, the capital adjustment plan is subject to approval at a provisional shareholders meeting slated for August 14, 2008, CHT noted.
The subsidiaries in Japan and Singapore will each have an initial paid-in capital of NT$200 million and begin operations in the third quarter of 2008, CHT pointed out. As the telecom markets in Japan and Singapore are liberal, legal thresholds and costs of entrance are comparatively low, CHT indicated. CHT has set up subsidiaries in the US and Hong Kong and liaison offices in Thailand and Vietnam, the company noted.
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CHT's board of directors approved the moves at a meeting on June 27, CHT noted. The legal date for the downsizing of paid-in capital is December 30, 2008 and CHT will return NT$1.97 per share to shareholders at the end of March 2009, CHT indicated. However, the capital adjustment plan is subject to approval at a provisional shareholders meeting slated for August 14, 2008, CHT noted.
The subsidiaries in Japan and Singapore will each have an initial paid-in capital of NT$200 million and begin operations in the third quarter of 2008, CHT pointed out. As the telecom markets in Japan and Singapore are liberal, legal thresholds and costs of entrance are comparatively low, CHT indicated. CHT has set up subsidiaries in the US and Hong Kong and liaison offices in Thailand and Vietnam, the company noted.
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