WPG Gets Board Nod to Inject Up to NT$8 Billion Into Subsidiaries

MT Newswires Live10-28 15:48

WPG Holding (TPE:3702) has received board approval to inject up to NT$8.04 billion into three subsidiaries to repay bank loans, strengthen their financial positions and improve debt-servicing capabilities, according to three separate filings to the Taiwan Stock Exchange.

The company plans to inject up to NT$2.04 billion into wholly owned subsidiary WPG International (CI), which will channel funds to WPG Americas Inc. WPG International separately approved a capital injection of up to NT$2 billion into its subsidiary WPG Americas.

WPG Holdings also approved an investment of up to NT$4 billion into wholly owned subsidiary WPG South Asia. The funds will support repayment of subsidiary bank loans, it said.

The capital injections will be funded by proceeds from WPG Holdings' fourth domestic unsecured convertible corporate bond issuance and its own funds.

Following the transactions, WPG and its subsidiaries will hold 100% of WPG Americas, the company said.

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