Announced the modification of the utilization
plan for 2021 capital injection by cash offering
Date of events
2022/03/29
To which item it meets
paragraph 16
Statement
1.Date of the board of directors resolution for the change:2022/03/29
2.Effective registration date of the original plan:2021/09/13
3.Resolution date of additional issuance of the original plan:N/A
4.Reason for the change:In response to the recent drastic changes in the
capital market, the funds raised have been reduced compared with the
original plan. Therefore, in order to retain flexibility in the use of
funds, reduce the company's capital cost and improve shareholders' equity,
the plan for the use of funds has been changed.
5.Content of each and every successive previously changed plan for raising
of funds before and after change:
Before the change: the capital increase of subsidiary
DONG LIEN MARITIME S.A. PANAMA is NT$1,496,000,000, the capital increase
of subsidiary FORTUNATE MARITIME S.A. PANAMA is NT$504,000,000.
The total capital is NT$2,000,000,000, reinvest in subsidiaries to repay
bank loans, and the shortfall will be paid with its own funds or bank
loans.
After the change: the capital increase of subsidiary
DONG LIEN MARITIME SA PANAMA is NT$1,200,170,000, the capital increase
of subsidiary FORTUNATE MARITIME SA PANAMA is NT$499,854,000, the total
capital is NT$1,640,000,000, and its own funds are NT$60,024,000, which
will be repaid Bank loan.
6.Projected timetable for execution:2022 Q1
7.Projected completion date:2022 Q1
8.Projected possible benefits:
After this plan change, it will be used to repay the bank loan of the
reinvested company. It is estimated that the annual interest expenses
saving in the year 2022 and the future year will be NT$22,764,000 and
NT$24,084,000 respectively.
9.Difference from original projected benefits:
After this plan change, it is estimated that the reduction of interest
expense in 2022 and the future year will be NT$3,741,000 and NT$4,758,000
respectively.
10.Effect of the current change on shareholder equity:
This change to the fundraising plan will reduce interest expenses,but also
strengthen the company's financial structure, which will be positively
beneficial to shareholders' equity.
11.Abstract of the original lead underwriter's appraisal opinion:N/A
12.Any other matters that need to be specified:None
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Shih Wei Navigation Co. Ltd. published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 10:27:55 UTC.
SHIH WEI NAVIGATION CO., LTD. is a Taiwan-based company principally engaged in the provision of shipping related services. The Companyâs primary businesses include cargo shipping, shipping transportation, shipping agency, ship management and chartering businesses, as well as the purchasing and sales of ships. The Company mainly operates through two business segments. The Shipping segment is mainly engaged in the shipping and shipping agency businesses. The Tourism segment is mainly engaged in the development of sightseeing leisure hotels. The Company primarily transports cargoes of metal ores, coal, grains, steel, machine components, timbers, boards and other bulk commodities.
SHIH WEI NAVIGATION CO., LTD. 
