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Taiwan Stocks: Gintech Energy, MediaTek, United Microelectronics

March 17 (Bloomberg) -- Stocks of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the 1:30 p.m. close in Taipei.

The Taiex Index fell 41.89, or 0.5 percent, to 8,282.69.

Gintech Energy Corp. (3514 TT) lost 1 percent to NT$92.10 after it was cut to “neutral” from “outperform” at Credit Suisse Group AG.

MediaTek Inc. (2454 TT) gained 4.7 percent to NT$344. Taiwan’s biggest chip designer said it will buy all of Ralink Technology Corp. (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. Ralink dropped 3.9 percent to NT$99.50.

United Microelectronics Corp. (2303 TT) increased 2.5 percent to NT$14.45. 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.

Young Fast Optoelectronics Co. (3622 TT) slumped 6.8 percent to NT$199.50, the lowest since March 31, 2009, after fourth-quarter net income dropped to NT$330 million from NT$807 million a year earlier, according to data compiled by Bloomberg. The stock was downgraded at Jih Sun Securities Co. and SinoPac Securities Co.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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