The Investment Commission of Taiwan's Ministry of Economic Affairs (MOEA) on March 31 confirmed it has received an application submitted by China-based Tsinghua Unigroup to invest in Taiwan-based Powertech Technology (PTI), according to a report by Taiwan's Central News Agency (CNA).

Tsinghua Unigroup plans to acquire PTI shares for a total of about NT$19.479 billion (US$604 million), the report quoted the authority as saying.

Shareholders of PTI approved a private placement plan to raise additional capital at a provisional meeting on January 15. The plan is to introduce China's state-owned Tsinghua Unigroup as the largest shareholder of the company.

In November 2015, PTI and Tsinghua Unigroup reached an agreement under which Tsinghua Unigroup would subscribe to new shares of PTI for a 25% stake in the Taiwan-based company.