TAIPEI (Taiwan News) — A Mirror TV Inc. shareholders’ meeting on Thursday (Oct. 27) approved a proposal to increase the company's capital by NT$1 billion (US$31 million).

The company's Chair Cheng Yu (鄭優) told the meeting that original shareholders will have priority to buy new shares in proportion to their share. The capital increase is expected to be completed in two months.

Shareholders passed on a statement denying reports about share transfers, shareholding entrustment, requests for the National Communications Commission (NCC) to revoke the company’s license, Chinese capital, and contract breaches.

According to the statement, shareholders expect the company to operate sustainably in the future under the leadership of the management team and to prioritize media independence and trustworthiness.

Shareholders also rejected a proposal to change the company’s name and elected three new directors and a supervisor.

After the shareholder meeting, a board meeting was held, during which board members voted for Cheng, the incumbent company chair, to retain his position.