Taiwan fixed-line telecom carrier Sparq cuts capital by 35%

New Century InfoComm Tech (Sparq), a small operator of fixed-line telecommunication services in Taiwan, will downsize its capital by 35.01% from NT$40 billion (US$1.23 billion) currently to NT$25.994 billion, according a decision passed at the company's 2009 shareholders meeting on June 5.

The decrease in capital is to cover cumulative operating losses, Sparq indicated. Sparq turned its operation to profitability in March 2009, and will focus on business users in 2009, the company pointed out.