Hon Hai to raise $310m

Taiwan-based Hon Hai Precision, a major supplier of Apple Inc, is set to raise about NT$9.3 billion ($310 million) via selling new shares to foreign investors for its expansion overseas and into Taiwan's developing 4G telecom market, Reuters reported on Monday, citing a local paper.

Hon Hai is planning to ask shareholders at its AGM in June for approval of the share sale, with the company planning to sell up to 1 billion new shares via global deposit receipts (GDR), the Economic Daily News said.

Hon Hai shares closed at NT$92.5 on Monday.

Company officials were not immediately available for comment.