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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56644)	11/30/2001 3:41:50 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Friday November 30, 12:00 AM UMC sees 3 shareholders exit ADR By Michelle Hsu, The China Post sg.news.yahoo.com United Microelectronics Corp. (UMC) reportedly has seen three foreign shareholders withdraw from its plan to issue American depository receipts (ADRs) in the U.S. even though the Securities and Futures Commission (SFC) has just approved the issuance application. UMC filed the application to issue ADRs in the U.S. last week, with underlying shares appropriated from the hands of its major shareholders. Three major foreign shareholders, Sonicblue, Alliance and Sandisk, have reportedly opted out of this plan primarily on pessimism over the international IC market's prospects. The three foreign shareholders are all IC design houses. The government-managed national stabilization fund, a major shareholder in UMC, will participate in the issue. It's the second time for UMC to apply to issue ADRs this year. On July 12, when the SFC approved its first application, it required that UMC issue the ADRs within three months, by October 12. After failing to issue the ADRs by that time due to gloomy market conditions, UMC applied to the SFC for an extension of another three months, i.e., to issue the ADRs by January 12 of next year.