Taiwan UMC details share buyback prices
TAIPEI, Dec 26 (Reuters) - Taiwan's United Microelectronics Corp (UMC) (NYSE:UMC - news), the world's second largest microchip foundry, detailed its share buyback plan on Tuesday, saying it would buy back shares at between T$32 and T$78.
On Friday, UMC said it would buy back 400 million shares between December 27, 2000, and February 26, 2001.
The share repurchase, which was aimed at transferring UMC shares to employees who have made a contribution to the firm, was approved at a board meeting on Friday, UMC said.
Based on Tuesday's closing price at T$44.80, the repurchase would cost UMC T$17.92 billion (US$543 million).
On Tuesday, UMC shares rose T$0.10 to T$44.80, defying a 1.87 percent fall in the wider TAIEX (^TWII - news).
Under a new rule approved in August, listed companies are allowed to buy back their own shares when they believe prices have fallen to unreasonable levels.
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Macronix to resume output after power cut
TAIPEI, Dec 26 (Reuters) - Taiwan microchip maker Macronix International said on Tuesday operations disrupted by a power failure were expected to recover fully on Wednesday.
``We will install some critical parts to our power generating system on Wednesday afternoon, allowing the second plant to resume full operation,'' company spokesman Patrick Tang told Reuters.
Power was restored after a two-hour cut late on Monday, but the firm's second plant that makes eight-inch wafers was unable to return to normal operations due to a power generating system breakdown, Tang said.
State utility Taiwan Power Company said on Monday a transformer at a plant belonging to Macronix suffered a malfunction and brought down power at the other firms in the northern Hsinchu Science-based Park, Taiwan's high-tech powerhouse.
Tang declined to estimate actual losses but said the firm would suffer about two full days of production losses in its second plant, making it the most severely hit company among all firms affected by the power outage.
On Tuesday, Macronix shares hit the daily 3.5 percent downward limit to T$39.10, compared with a 1.87 percent fall in the wider TAIEX (^TWII - news) market.
Power was restored late on Monday to all affected firms, which included Taiwan Semiconductor Manufacturing Co (TSMC) (NYSE:TSM - news) and United Microelectronics Ccorp (NYSE:UMC - news), the world's top two made-to-order chipmakers, or foundries.
Hsu Ching-lung, a senior executive at UMC said on private TVBS television he estimated UMC losses at less than T$30 million (US$0.9 million) in the power cut.
Acer Display Technology , a member of tech conglomerate Acer Group, estimated a loss of around T$6 million.
Local media said total losses of all affected companies could amount to about T$300-500 million (US$9-15 million).
Companies at Hsinchu science park have scrambled to improve their power supplies since an island-wide power failure in July 1999 and a devastating earthquake in September the same year stalled production and caused billions of dollars in damage.
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