Eclat Textile (TPE:1476) board approved the injection of a cash capital of $29.0 million into its Indonesian unit, Eclat Textile International, on Tuesday, according to a same-day Taiwan Exchange filing.
The move involves subscribing to 2,899,952 new shares at $10 each and is part of a larger $175 million investment plan approved in 2019.
Funds will be used to boost working capital and repay borrowings, it added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.