GP Batteries International Subsidiary Places Nine Million New Shares

May 14, 2000 by Jeff Shepard

GP Batteries International Ltd. (Hong Kong) announced that its 79.2-percent-owned manufacturing arm, Gold Peak Industries Ltd. (Taiwan) will place nine million new shares of NT$10 each at NT$24 each for cash to Meiloon Industrial Company Ltd. (Taiwan), an electronic manufacturing company.

The total proceeds from the placement of NT$216.0 million (about US$7.1 million) are intended to be used by Gold Peak Industries as working capital.