Taiwan's largest steelmaker China Steel Corporation (CSC) held its board meeting on March 25, 2010, making decisions on the payment of cash dividends, issuance of common shares and purchase of Dragon Steel Corporation shares.
The board recommended that the dividend for preferred stocks be NT$1.40 per share ($0.044) and be NT$1.34 ($0.042) per share for common stocks.
Moreover, the board announced that CSC will offer to buy its wholly owned subsidiary Dragon Steel Corporation's (DSC) 2 billion common shares offered with price of NT$10 per share totaling NT$20 billion ($627,55 million) to raise capital for DSC's expansion projects.
Furthermore, CSC has decided to appropriate NT$4.33 billion ($136 million) from the distributable earnings in 2009 as a capital increase. 433,381,968 common shares priced NT$10 ($0.31) will be issued in one time. The rights and obligations of new shares are the same as current common shares.
The date and venue for CSC's 2010 shareholders' meeting will be June 23, 2010, 9:00 am, CSC Auditorium in Kaohsiung, Taiwan.