Shanghai Fudan Microelectronics Group (01385) said the registered capital of its non-wholly-owned subsidiary Sino IC Technology will be increased from Rmb31 to Rmb42 million by the creation of 11 million new shares.
New shares will be allotted at Rmb5 per share in cash and the total proceeds of fund raising will be Rmb55 million. Upon completion, interest of Shanghai Fudan in Sino IC will be diluted to 50.29% from 64.9%.
The principal activities of Sino IC are the provision of testing services for IC products; designing, developing and selling of IC testing software and products; production of probe cards; as well as provision of research and consultancy services of IC technology. Sino IC intends to apply the net proceeds for the expansion of its business, including the establishment of an IC testing foundation in Zhengjiang Hi-Tech Park of Shanghai City and nearby districts with the remaining proceeds as general working capital.
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