United Microelectronics (UMC) has unveiled plans to buy back up to NT$15.5 billion (US$447 million) of its shares and distribute them to employees. .

UMC's board of directors decided on March 13 that the company will buy back up to 200 million of its own shares from March 14 to May 13 between a share price of NT$7.80 and NT$16.90. The repurchased shares represent 1.54% of UMC's total capital shares.

UMC has lagged behind schedule in ramping up 28nm chip production. The foundry said previously that the proportion of revenues from 28nm technology would likely be less than 3% of its total revenues by the end of 2013.

Fellow foundry Taiwan Semiconductor Manufacturing Company (TSMC) expects its 28nm technology to account for more than 30% later in 2013.

UMC shares opened at NT$11.80 on the Taiwan Stock Exchange (TSE) on March 14, 6.3% above the closing price of NT$11.10 on March 13.

By: DocMemory
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