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SAS spins-off units for better performance, specialization

Posted: 20 Apr 2011 ?? ?Print Version ?Bookmark and Share

Keywords:semiconductor? solar? business units?

The board of directors of Sino-American Silicon Products Inc. (SAS) announced to spin-off its business units, promoting significant growth of operating performance momentum of the three business unitsSemiconductor, Solar, and Sapphire.

SAS plans to spin off the Semiconductor unit to the company's wholly-owned and new established GlobalWafers Co. Ltd and to spin off the Sapphire unit to the company's wholly-owned and new established Taiwan Sapphire Co. Ltd. The spin-off proposals shall be submitted to annual shareholders' meeting to be discussed on June 17, 2011.

Taiwan Sapphire has a capital of $13.56 million. The business value of Taiwan Sapphire is $54.25 million calculated by subtracting the liabilities from the assets. Taiwan Sapphire will issue 40 million shares to SAS by $1.36 per share.

Meanwhile, GlobalWafers has a capital of $61.03 million. The business value of GlobalWafers is $234.95 million calculated by subtracting the liabilities from the assets.

GlobalWafers will issue 180 million shares to SAS by $1.31 per share. The record date of the spin-off is anticipated to be on October 1, 2011.

Taiwan Sapphire and GlobalWafers will be both 100-percent owned subsidiaries by SAS, once the spin-off is completed.

The three business units of SAS is said to always have better operating performance than peers for quite some time. The Semiconductor business unit maintains higher growth rate of turnover than global semiconductors' average growth rates and its growth rate is as high as 60 percent last year. Furthermore, GlobiTech Inc. is currently the largest professional silicon epitaxial manufacturer in USA.

SAS plans to expand the semiconductor wafer capacity of Taiwan, China, and USA plants in 2011. Sapphire business unit founded in 2007 maintains the remarkable 300 percent growth rate in past years. In the early 2011, the unit developed the biggest sapphire crystal in the world and intends to build its own plant in 2011.

The turnover of Solar business unit accounts for above 70 percent of SAS revenue. Also, in the last seven years, the unit doubled its capacity year by year. SilFab, the Italian-based company invested in 2008 by SAS, already build solar power plants whose generation capacities are over 25 MW in European.

Recently SAS, Solartech Energy Corp. and Mrs. Cher Wang, the HTC chairwoman, set up a join venture, Sino Solar Corp., and invested in Powertec Energy Corp. to ensure polycrystalline silicon material supplent. These tactics are to enhance Solar business' stability and rapid growing in the future.

Once spin-off is completed, Solar, Semiconductor and Sapphire business units are expected be more competitive, more efficient in utilizing resources and have higher visibility in the industries.

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