The wafer foundry UMC (2303) applied to the competent authority for the merger of Suzhou Foundry and Shipbuilding Technology. It was approved by the Ministry of Economic Affairs of the People's Congress of the People's Republic of China (31st) yesterday. The UMC will acquire 35.7% and the ship holding company Best Elite International Limited. Equity, including 15.3% of shares in UMC Trust, and 20.4% of UMCâ€™s cash-sold to Best Elite shareholders. UMC stated that it will continue to negotiate with the remaining Best Elite shareholders with the goal of completing 100% merger and shipboard technology.
Although the UMC merger and the warship case were approved by both shareholders' meetings last year, UMC could not merge and ship through the issuance of new shares because it did not comply with the amendments to the latest amendments to the trading rules of the Taiwan Stock Exchange. Therefore, UMC terminated at the end of last year. The old M&A contract between Hejian Technology and renegotiation of the new M&A contract.
UMC reached an agreement with some of the shipbuilding shareholders earlier this year. UMC won a 35.7% stake in the companyâ€™s holding company Best Elite with US$87 million in funding. According to UMCâ€™s plan, it will acquire approximately A$1,161 special stocks per share, B shares and B-1 special shares of approximately 0.576248 US dollars per share.
UMC sent it to the audit committee at the end of the first quarter of this year, but the UMC did not obtain approval from the competent authority until yesterday. UMC stated that after obtaining the government approval letter and successively completing the follow-up trust equity transfer and shareholder transfer procedures, Best Eliteâ€™s equity will become one of UMCâ€™s investment projects. In the future, the operating results of Hejian Technology will be recognized based on the shareholding ratio. As for the 15.3% Best Elite shares that UMC has received, it will be reviewed by professional price supervisors in light of recent changes in net worth and recognized as UMCâ€™s financial statements.
UMC stated that after obtaining a 35.7% stake in Best Elite, it will become the single largest shareholder and will gradually exert its influence to integrate UMC and Hejianâ€™s operational resources so that both parties can obtain complementary cooperation and cooperation in the medium and long term. Customers provide more flexible solutions for wafer fabs to help customers improve product competitiveness and ultimately achieve win-win results.
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