TransAsia Airways (Taipei Songshan) passed a proposal in late March to sell up to 50 million shares in the airline in a bid to increase its working capital and repay its loans. According to the Taipei Times, the Taiwanese carrier already has two foreign strategic investors lined up, "both of whom are known to the public", but is awaiting the outcome of a board meeting in May before announcing their identities. Should the sell-off be approved, it will be the second such offering TransAsia has undertaken in the last 2 years. In 2011 the airline raised US$30million via a similar deal with two other strategic partners, one of which included Paradigm Transportation Holdings BV, a subsidiary of Paradigm Venture Partners LLC, that holds about a 9% stake in TransAsia. In its latest figures released, TransAsia posted a US$3million net profit for the last financial year, down from US$20million a year earlier.