Taiwan's Financial Supervision Commission (FSC) has rejected Powerchip Technology's plan to issue up to US$179 million worth of global depositary receipts (GDR), according to a report.
Citing the financial regulator, the paper said Powerchip is required to resubmit the GDR sale application when its financial structure is improved. As of March 31, 2010, Powerchip had accumulated losses of NT$57.63 billion (US$1.8 billion) and a 74.71% debt ratio.
The FSC has also turned down Nanya Technology's application to issue 600 million new shares, and demanded that the company re-submit with adequate information.