Taiwan-based DRAM chipmaker Nanya Technology has announced the sale of part of its stake in US-based Micron Technology, with an aim to increase the company's working capital and repay loans.

Nanya disclosed it sold 1,264,080 Micron shares for US$31.554 each, or a total of US$39.887 million. Nanya expects to recognize a gain of US$17.998 million from the sale.

Nanya indicated the sale will have no impact on the existing partnership between the two companies. Nanya still holds 56,516,058 Micron shares, or an about 5.11% stake in the US company.

At the end of 2016, Nanya announced the completion of its investment in Micron through private placement. Nanya acquired 57,780,138 Micron shares for a 5.26% stake in the US company.

Nanya's participation in Micron's private placement was part of the conditions enabling Micron's buyout of Inotera Memories. Nanya also transferred all of its holdings in Inotera to Micron's Taiwan unit, Micron Semiconductor Taiwan (MST), for NT$30 (US$0.99) per share, or a total of NT$47.62 billion.

By: DocMemory
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