Largest Fundraising Plan in Waste Management Industry: Canwell Submits Application to Issue Convertible Bonds for NT$2.5 Billion

Waste management company Canwell (8422-TW) plans to raise capital through the issuance of its third domestic unsecured convertible corporate bond (CB), having submitted the filing to the Financial Supervisory Commission (FSC). The total issuance amount of this fundraising plan reaches NT$2.5 billion, marking the largest capital-raising case in the history of Taiwan's waste disposal industry. The primary purposes of Canwell's fundraising are to support investment needs for the Kaohsiung South Area Incinerator BOT project and to repay bank loans.

The lead underwriter for Canwell's unsecured CB issuance is CTBC Securities.

The Kaohsiung South Area Incinerator BOT project, through which Canwell has entered municipal waste treatment, is a key driver of long-term growth. With a total investment of NT$15 billion, the project completed handover earlier this year. Canwell has jointly established Jixin Company with Taiwan Life Insurance, advancing the project under a 'build-first, demolish-later' model. During the three-year construction period of the new plant, the old facility continues operations to ensure stable cash flow. Once the new plant becomes operational, annual power generation is projected to exceed 350 million kWh.

Meanwhile, the Dacheng recycled aggregate plant, invested in by Canwell, has completed construction and is currently applying for trial operation permits, with the formal processing license expected by year-end. Upon approval, the second production line of Jiding Materials will be launched simultaneously to convert sludge into low-carbon construction materials. Additionally, the first phase of the 70MW fishery-photovoltaic co-location project in Mituo has already been grid-connected.

Canwell reported NT$3.385 billion in revenue for January–June 2026, a 24.01% year-on-year increase. In Q1 2026, revenue reached NT$1.114 billion, with a gross margin of 48.21%—down 4.84 percentage points year-on-year. Net profit after tax was NT$256 million, down 36.83% year-on-year, with earnings per share at NT$0.21.