The board of luxury hotel operator My Humble House Hospitality Management Consulting Co (寒舍餐旅) has approved a capital reduction plan to wipe out losses and issue special shares via private placements to strengthen its financial health.
The plan comes as the COVID-19 pandemic has cut the Taipei-based hospitality group’s revenue by about 50 percent over the past two years without a quick solution in sight.
The company last year reported a loss of NT$720 million (US$24.67 million), or a loss per share of NT$6.45.
It was the second consecutive annual loss as Le Meridien Taipei (台北寒舍艾美酒店) and Humble House Taipei (寒舍艾麗) in the