Comtec Solar to put off Taiwan depositary receipts offering

Aug 15, 2011 - Chinese Comtec Solar Systems Group (HKG:0712) said Friday it would postpone the sale of Taiwan depositary receipts (TDRs) due to the volatility in the financial markets worldwide.

At the end of March, the monocrystalline wafer maker filed an application with the Taiwan Stock Exchange for the issue of 100 million TDRs, with each TDR equal to a Comtec Solar ordinary share. According to sources, the company was to raise as much as TWD 1.29 billion (USD 45m/EUR 31m) from the sale.

The company said it would put on hold the offering until market conditions improve, as there was no immediate need to raise funds.

(TWD 10 = USD 0.346/EUR 0.242)

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