SPIL Announces to Divest its Ownership in ChipMOS Technologies and to Acquire the Common Shares of ChipMOS Technologies (Bermuda)
biz.yahoo.com
Tuesday February 13, 2:00 am ET
TAICHUNG, Taiwan, Feb. 13 /Xinhua-PRNewswire-FirstCall/ -- The Board of Directors of Siliconware Precision Industries Co., Ltd. ("SPIL") (Taiwan Stock Exchange Code: 2325; Nasdaq: SPIL) announced today its decisions to divest SPIL's common share ownership in ChipMOS Technologies INC. ("ChipMOS Taiwan") and to acquire the common shares of ChipMOS Technologies (Bermuda) LTD. (Nasdaq: IMOS).
IMOS wishes to increase its stake in ChipMOS Taiwan, a subsidiary, to 99 percent; whereas ChipMOS Taiwan will purchase as treasury shares for transfer to its employees pursuant to Article 167-1 of the Company Law. IMOS and ChipMOS Taiwan have agreed to purchase all of the common stocks of ChipMOS Taiwan owned by SPIL in the number of 254,863,285 shares. Details of the anticipated transaction are set forth in the chart below.
After considering the advice from securities experts of SinoPac Securities with respect to price evaluation, the Board of Directors of SPIL resolved to sell its stake at the price of US$0.75 per share, and the total transaction value will amount to US$191,147 thousand. The net profit of the divestment before the deduction of securities transaction tax is US$39,643 thousand (at the exchange rate of February 12, 2007, equivalent to NT$1,308,217 thousand).
Given that the memory packaging and testing industry is still promising in the long-term, and due to our support for the group integration plan of IMOS, the Board of Directors of SPIL, after taking into consideration the opinion on pricing given by the securities expert SinoPac Securities, has resolved to subscribe 12,174,998 privately placed common shares at the price of US$6.28 per share. The total investment amount is US$76,459 thousand. After the purchase, SPIL will hold approximately 14.7 percent of the shares of IMOS. According to the relevant agreement between the two parties, SPIL may not sell or transfer these shares within 9 months after the closing of this transaction.
After approvals from the competent authority are obtained, the proposed transaction above is estimated to be completed by the first half of 2007. |
