ChipMOS To Sell Subsidiary’s Common Shares
Bermuda-based ChipMOS Technologies Ltd. announced that with the assistance of its underwriters, Yuanta Securities Company Limited and Capital Securities Corp., it plans to sell approximately 170 million outstanding common shares of its majority-owned subsidiary, ChipMOS Technologies Inc., at the proposed price of NT$20.0 [US$0.67] per common share.
In aggregate, the sale would represent approximately 20.2% of the outstanding shares of ChipMOS Taiwan. This would reduce the Company’s ownership to approximately 533.3 million ChipMOS Taiwan common shares, representing approximately 63.3% of the outstanding shares of ChipMOS Taiwan, from approximately 83.5%.
As discussed in previous Company press releases, as part of satisfying eligibility requirements for listing ChipMOS Taiwan on the Taiwan Stock Exchange ["TSE"], the Company is required to reduce its current ownership interest to no more than 70% of ChipMOS Taiwan’s outstanding shares.
The proposed sale would be through transactions with certain potential investors. The Company expects that these transactions will close around mid-October, 2013. The Company will make a formal announcement upon the completion of the proposed sale.
