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Acer postpones share issue again

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Acer has yet again had to postpone its long awaited share issue, blaming stock market uncertainty and currency fluctuations for the hold up. Originally planned for last year, the issue of 200 million shares has been subject to delays as the world’s number two PC manufacturer struggles against less than favourable market conditions. Philip Peng, Acer’s financial director, said the issue could go ahead in May - but not before. On the first day of trading this year, the Taiwan stock market index dropped by four per cent - reflecting continued concerns about its overall financial health. Last August, Acer’s chairman, Stan Shih, announced he was taking a 30 per cent pay cut to ease the financial burden on the company. Other senior Acer execs were called upon to follow suit. Around the same time, Acer said it expected to make a loss of NT$4.9 billion for 1998. While PC sales are growing apace, Acer continues to be dragged down by its semiconductor business. ®

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