Winbond shareholders approve logic IC biz spinoff

Winbond Electronics Corp. shareholders' have approved Apr. 30 the carve-out of its logic IC business group, dubbed Nuvoton. The record date is tentatively set on July 1.

After the spin-off, Winbond will remain dedicating to designing and manufacturing memory IC products while Nuvoton, a wholly owned subsidiary of Winbond, will be devoted to logic IC business and assume all the existing assets and debts.

The prime capital stock of Nuvoton will be $82 million. To ensure that all shareholders' rights and interests are well protected, the project will adopt the existing business partition mode so the net value of Winbond will not be affected. In the event of changes of laws, governmental regulations or ordinances, impersonal factors or needs, the boards of two companies are authorized to resolve any relevant concerns and affaires.

As a whole, with the specialization and division of labors, Winbond and Nuvoton will concentrate on memory and logic business, respectively, and give rise to the greatest mutual profits to be shared with all shareholders.