TSMC Board Approves Plan to Buy Back and Cancel Shares
Hsinchu, Taiwan, R.O.C., May 2008 – TSMC’s Board of Directors today held a meeting and approved a plan to repurchase up to US$1 billion (approximately NT$30.43 billion), or no more than 500 million shares, of the Company’s common shares from the open market. TSMC plans to buy back shares at a price in the range of NT$48.25 to NT$100.50 per share from May 14 to July 13, 2008 and cancel the repurchased shares.
TSMC and Philips agreed in March 2007 to a multi-phased plan to facilitate an orderly exit by Philips from its current shareholding in TSMC, and the first three phases of this plan were completed last year. “This buyback program by TSMC is part of the fourth phase of the multi-phase plan and Philips intends to continue participating in this program,” said TSMC Spokesperson and Chief Financial Officer Lora Ho. “It has been, and still is, Philips’ intention not to sell TSMC shares other than during the period of a TSMC buyback program.” Philips currently holds approximately five percent of TSMC’s common shares, with a market value of approximately US$2.8 billion.
In addition, TSMC’s Board of Directors also approved capital appropriation of US$995 million to expand Fab 12 and increase its advanced process capacity.
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