Taiwan's UMC plans T$1.5 bln investment company

Published: 24 Aug 2009 02:38:19 PST

TAIPEI, Aug 24 - Taiwan's UMC, the world's second-largest contract chip maker, said on Monday its board approved a plan to set up a new wholly-owned investment company. UMC said in a statement that the new company would be capitalised at T$1.5 billion ($46 million), and UMC would invest in solar and LED markets that have high growth potential.

UMC announced the news after the Taipei stock market closed on Monday. UMC shares surged 7 percent to their daily limit, outpacing the main TAIEX's 2.76 percent rise. (US$1=T$32.9)