Starlux Airlines (JX, Taipei Taoyuan) has applied to the Taipei Exchange to trade its shares on the country’s over-the-counter market (Taiwan OTC Exchange), the exchange’s website has revealed.

The effective date of the public offering is set for July 12, and Starlux Airlines’ spokesman Nieh Kuo-wei told local media that the stock would be listed on the OTC market for three months afterwards. On emergence, the company may start to prepare for further external fundraising.

The company currently has capital of TWD15.3 billion Taiwan new dollars (USD514 million), and it it has proposed a cash capital increase of 275 million shares at TWD12 (USD0.40) per share to raise an additional estimated TWD3.3 billion (USD111 million).

Having reduced the scale of its quarterly losses, Starlux Airlines is already in the midst of raising money, and with the capital increase it expects to boost its total capital by the end of August to more than TWD18 billion (USD605 million). If the funds are sufficient, it will not conduct another capital raise before the end of the year, Nieh said.