Semiconductor testing and assembly services provider ChipMOS Technologies will list its subsidiary's shares on the Taiwan Emerging Stock Market during the second quarter.
At the same time, ChipMOS also announced it will repurchase $7.5 million under a new buyback program, which will also commence during the second quarter. It completed a $10.4 million repurchase program last year that saw 701,000 sharea bought back.
ChipMOS chairman and CEO S.J. Cheng said the two plans will benefit current and future shareholders while enhancing its global profile: "The board's approval to pursue a Taiwan listing of our subsidiary and approval of a new share repurchase program reflect the confidence of both our board of directors and management in company's financial strength, continued long-term growth prospects, and our commitment to increasing shareholder value."
The Emerging Stock Market in Tawain operated by the GreiTai Securities Market was founded in 1994 and hosts 280 listed stocks.
ChipMOS Technologies is a leading chip design testing house, with facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai.
The article ChipMOS to List Subsidiary on Taiwan Stock Exchange originally appeared on Fool.com.
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