Friday, January 16, 2004
Mosel Vitelic Inc., the parent second domination's second-largest memory-chip manufacturer ProMOS Technologies Inc. has wipe off 45 percent to just NT$4.6 billion, according to bank's executive. One of industry observer said the reason that Mosel has revised its earnings/loss is that it sold its DRAM operating assets to ProMOS just before Christmas.
Mosel's Alfred Ying is also selling more chips on behalf of ProMOS after its former partner, Germany's Infineon Technologies AG, pulled out of the joint venture last year over a dispute about who would control the chipmaker. "Starting from the sale of its DRAM assets to ProMOS, Mosel's sales will not include DRAM chips and will therefore see a rapid decline," Ying said.
In related news, Mosel sold 180 million common shares of ProMOS Technologies to its investment affiliate for NT$13.4 per share after the Taiwan stock market closed on January 8, according to a company filing with the Taiwan Stock Exchange (TSE). The Mosel affiliate is on the board of ProMOS Technologies, holding 5.26% of ProMOS shares. Mosel earned NT$520 million from the transaction and now holds 16.1% of ProMOS shares.
Mosel's spokeswoman Peng Chuo Lan said the company planned to sell its DRAM business including 100 percent of US subsidiary United Memories Inc and 50 percent of Mosel Vitelic (US) Corp. to ProMOS for US$120 million. The fund created will enable the company to repay its debts.
By: DocMemory
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