FRANKFURT, June 20 (Reuters) - German chipmaker Infineon (IFXGn.DE: Quote, Profile , Research) does not expect to cut its stake in its Qimonda (QI.N: Quote, Profile , Research) memory-chip unit before Aug. 9 -- a year after it first floated the company -- Infineon's chief executive told Reuters.
When asked on Wednesday whether the time was right to start reducing Infineon's stake, Wolfgang Ziebart said: "No."
"At the moment we have a phase until the first year is over during which we could only sell with a complete SEC filing, which means this wouldn't be a convenient time to sell," Ziebart said on the fringes of a corporate conference.
Ziebart said it was still Infineon's intention to cut its stake in Qimonda, which Infineon spun off to reduce its exposure to the volatile, commodity-like market in standard DRAM memory chips used mainly in personal computers.
Infineon still owns 86 percent of Qimonda, which it listed in New York last August. A lock-up period under which Infineon was barred from selling Qimonda shares expired in February.
Qimonda shares have risen 15 percent since they started trading and closed at $15.54 on Tuesday. In the same period, Infineon shares have risen 48 percent.
Infineon shares traded up 2 percent at 12.53 euros by 1246 GMT, outperforming a 1.1-percent rise in Germany's blue-chip DAX index |
