Monday, March 29, 2004
Taiwan Semiconductor Manufacturing Co (TSMC) and United Microelectronics Corp (UMC) has announced to buyback common shares from the Taiwan stock market to avert further slumps in share prices after the controversial presidential election last March 20.
TSMC planning to 300 million common shares traded on the TAIEX at price ranging between NT$38.5 and NT$95 a share. The shares repurchased will be cancelled and deducted from TSMC's current outstanding shares. "Due to the recent plunge of TAIEX after the election, TSMC decided to buy back shares for the in interests of shareholders," TSMC's spokesperson Lora Ho. This is the first time TSMC adopts such a plan.
UMC will buy back up to 2.2% of its outstanding shares and will then transfer the shares to its employees. UMC plans to buy back 360 million common shares, or 2.23 percent of total shares, traded on the TAIEX at price between NT$19.6 and NT$47.5 in next two months ending May 23. This will be UMC's seventh stock buyback program since its sixth one on March 4, 2003. Meanwhile, the Taiwan Stock Exchange (TSE) announced that companies such as D-Link, Ritek and Weltrend Semiconductor are planning to buyback shares after they have attained approval from their board of directors.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
