Tatung subsidiaries’ shares tumble ahead of delisting

Focus Taiwan
Date: 2019/03/28
By: Jiang Ming-yan, Elizabeth Hsu and Evelyn Kao 

Taipei, March 28 (CNA) A pending delisting from the local main board sent shares of financially troubled flat panel maker Chunghwa Picture Tubes Ltd. (CPT) plunging by the daily limit Thursday, as did the stocks of two other subsidiaries of Tatung Co.

The share drop occurred after CPT on Wednesday reported an after-tax loss of NT$25.28 billion (US$818.88 million) for 2018, which sent its book value down to minus NT$0.7 per share, according to a message it posted on the Taiwan Stock Exchange Corp. (TWSE) website.

As a result, CPT will be removed from the main board, in accordance with TWSE’s regulations that ban listed companies from trading on the stock market if their net value falls into the red.

CPT is likely to be delisted from the Taiwan Stock Exchange by May 8 if the debt-ridden company submits its financial statement on Thursday, according to the TWSE.

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