Taiwan's Wintek drops planned $50 million convertible offering

New York, July 21 - Wintek Corp. said it has abandoned plans to sell $50 million of euro convertible bonds.

The company said the decision was due to the condition of the securities markets.

Wintek will use banking facilities and cash on hand instead of the convertibles to fund the purchase of materials overseas.

The Taichung, Taiwan, maker of flat panel liquid crystal displays announced plans for the deal in May.

It would have had a zero coupon and matured in five years.

Yuanta Core Pacific Securities and JP Morgan Securities (Asia Pacific) Ltd. were to be underwriters for the offering.

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