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Friday, October 15, 2004
Ritek to set up new subsidiary in China

Ritek announced that it has obtained official permission from the Taiwan government to establish a subsidiary manufacturer of TFT-LCD components and CD packing cases, Protek Optoelectronic, in Kunshan, China, with an initial investment of US$15 million.

The investment will be made indirectly through two Ritek subsidiaries, Prorit Corporation and Arewood International. Prorit manufactures packing cases and other accessories for optical discs, while Arewood is a holding company registered in the British Virgin Islands.

The Taiwan government has allowed Ritek to invest a total of US$24 million in China, including this investment project. This figure accounts for 21.85% of the company?s paid-in capital, 15.4% of total assets and 21.55% of shareholders? current equity.

Ritek also has two existing subsidiaries, Hutek and Welltek, in Kunshan, and Protek will be the third one.

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