Taiwan Stocks: Gintech Energy, MediaTek, United Microelectronics
Stocks of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 9:46 a.m.
The Taiex Index fell 123.88, or 1.5 percent, to 8,200.70.
Gintech Energy Corp. (3514) (3514 TT) gained 2.2 percent to NT$95, the highest since Feb. 21. The company’s board approved a plan to set up a solar power development company with CTCI Group, the solar-cell maker said in an e-mailed statement yesterday. The venture will have an initial capital of NT$100 million ($3.4 million), the Miaoli, Taiwan-based company said. CTCI Corp. (9933) (9933 TT) dropped 0.8 percent to NT$32.05.
MediaTek Inc. (2454) (2454 TT) gained 3.5 percent to NT$340. Taiwan’s biggest chip designer said it will buy all of Ralink Technology Corp. (3534) (3534 TT) in a share swap valued at NT$18.2 billion ($615 million). Separately, MediaTek’s board proposed a cash dividend of NT$20 a share for 2010, the Hsinchu, Taiwan- based company said in an e-mailed statement yesterday. MediaTek rose 3.1 percent to NT$328.50. Ralink dropped 2.4 percent to NT$101.
United Microelectronics Corp. (2303) (2303 TT) increased 1.1 percent to NT$14.25. The world’s second-largest contract maker of chips plans to buy as much as 30 percent of China’s He Jian Technology (Suzhou) Co. for up to $87 million, Chief Financial Officer Liu Chi-tung said by phone yesterday. UMC will request approval from the Taiwan government to make the deal, he said. The company currently owns 15 percent of He Jian, with those shares held in escrow pending approval of that stake by the Taiwan government, which restricts investments in Chinese companies.
Separately, the company said its board plans to pay a cash dividend of NT$1.12 per share for 2010. The stock retreated 1.4 percent to NT$14.10.
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