Backend house Orient Semiconductor Electronics' (OSE) board of directors has approved a plan to reduce paid-in capital by NT$2.536 billion (US$84.75 million), or 31.47%, to NT$5.523 billion.

The capital downsizing is to make up for accumulated losses and improve the company's financial structure, said OSE, adding that its shareholders meeting will be held on June 29 to vote on the plan.

OSE stayed in the red but managed to cut its net loss to NT$96 million in the first quarter of 2018. EPS came to negative NT$0.12. The company is striving to return to profitability in 2018.