LED automotive lighting module maker Laster Tech has disclosed will issue 10 million new shares and 3-year zero-interest convertible bonds worth up to NT$200 million (US$7.2 million), with the funds to be used to expand its existing plant in northern Taiwan.
The plant produces controllers of LED automotive headlights mainly and Laster has obtained long-term orders from US-based clients, the company said, adding the fund will be used to buy the land where the plant stands and to expand production facilities.
Laster will expand production capacity at the plant by adding an automated production line, with completion scheduled for the end of May 2022 and then production to be increased beginning the third quarter of the year, the company indicated.
In addition to first-tier automotive lamp makers, Laster has received orders from a few new clients including Beijing Sanli Auto Lamp, Changchun Hella Automotive Lighting and ZKW, the company said.
Of orders received, LED automotive lighting modules used in electric vehicles (EV) take up over 30% of all modules, Laster noted.
Laster has reported consolidated revenues of NT$600.4 million for November, increasing 69.03% sequentially and 25.96% year-on-year, and those of NT$4.979 billion for January-November grew 29.53% year-on-year.
