US$80m sale passed

THE Taipei Securities and Exchange Commission has approved an application by Taiwan Glass Industrial Corp to raise up to US$80 million through an overseas stock sale.

The shares will be sold in the form of global depositary receipts (GDR), which are claims to shares held on deposit in a bank.

GDRs can be traded like stock, and entitle owners to dividends.

The money raised will be used to finance the construction of an $80 million floating glass plant in the central Taiwan city of Lukang, company officials said earlier this year.

Taiwan Glass Industrial is Taiwan's largest glass maker.

About 36 million of shares to be offered will be newly issued. More than five million will come from existing shareholders.