Young Optics has announced its board of directors has approved plans to raise an estimated NT$1.5 billion by issuing 7.5 million new shares. The new funds will be used for new production equipment and factory building. Young Optics is a subsidiary of backlight unit (BLU) maker Coretronic.

Young Optics said it plans to buy a factory building located at the Hsinchu Science Park (HSP) from Wistron for NT$1.2 billion. The deal is subject to approval by the science park administration.

The 49,046.55-square-meter facility will be converted into producing pico-projector modules and related key components, according to Young Optics, adding that it will initially invest a total of NT$2.1 billion in the new factory building.

In other news, Young Optics has announced a net income of NT$142 million (US$4.5 million), or NT$1.33 per share, on consolidated revenues of NT$1.58 billion for the first quarter of 2010. Profits for the quarter were 6% higher than the NT$134 million of a year ago, while sales grew by 16% on year.