TAIPEI – The board of Hon Hai Precision Industry, the parent company of Foxconn Technologies, approved a proposal to raise $363 million by issuing unsecured corporate bonds in an effort to build cash.
 
A firm spokesperson said the company would use the money to increase its operating capital and cash turnover ratio.
 
In terms of volume, this is the firm’s largest capital raising case in two years. Hon Hai put up $545 million then by issuing domestic corporate bonds.
 
Hon Hai is the world’s largest EMS/ODM company, with annual revenues of more than $60 billion. However, through September, the firm had about $306 million in cash, down from the $351 million at the end of June.