| EUROPE, April 2, 2007 – BenQ Corp. (2352.TW) today announces that it has completed a sale of NT $4.54 billion in AU Optronics shares. The total gross proceeds will be used to increase cash flow and enhance BenQ’s financial strength.
“This is one of the first steps we are taking to strengthen our current financial condition.” expressed David Wang, deputy spokesman of BenQ Corp. “The partner who has purchased BenQ’s holding of AU Optronics has expressed their strong support in the current management team of the AU Optronics and it is expected that this partner will support the future development of AU Optronics.
Today’s sale is part of a larger on-going financial strategy to enhance BenQ’s financial structure. The strategy, which started in Q4-2006, has included the sale of BenQ’s shares in Airoha, PBDS, Gallant Precision and the building and land of Jian Dong factory, which have yielded NT$2 billion in cash. BenQ has also issued exchangeable bonds worth NT$4.5 billion. Furthermore, BenQ announces that it is planning to realize its long term investment in shares of Taiwan Fixed Network Co. Ltd in April at an estimated amount of NT$870 million. Altogether these will generate an estimated NT$12 billion in cash. |