Taiwan-based Global Brands Manufacture Ltd. (GBM, TPE: 6191) announced on May 2 that its key subsidiary, ELNA PCB (M) SDN. BHD., has canceled a previously planned cash capital increase of MYR 77,435,000 ((approximately CNY 132 million or USD 18.2 million)). The plan, originally disclosed on July 18, 2024, involved issuing 77,435,000 new shares at MYR 1.00 per share to strengthen the working capital of its Malaysian PCB factory.

According to the announcement, the capital injection failed to proceed because the designated investor was unable to remit the funds before the subscription deadline, causing the proposal to lapse. GBM confirmed that the cancellation will not have a material impact on the company’s financial or business operations.

The initial target amount for the capital raise was MYR 82,597,334, but following a decision by existing shareholders to forgo their subscription rights, the actual amount was adjusted to MYR 77,435,000 after negotiations with a specific investor.

Notably, on April 8, 2025, GBM completed its acquisition of 100% equity in Japanese printed circuit board manufacturer Lincstech Co., Ltd. The deal, valued at approximately JPY 28.15 billion (approximately CNY 1.4 billion or USD 197 million), represents a significant milestone in GBM’s strategic expansion into the Japanese and Southeast Asian electronics manufacturing markets