To enhance operating performance and efficiency
Medium-and small-diameter silicon wafers manufacturer Sino-American Silicon Products (SAS) will spin-off its business units to promote growth and operating performance momentum.
The board of directors announced that SAS plans to spin off the semiconductor unit to the company’s wholly-owned and new established GlobalWafers and the Sapphire unit to Taiwan Sapphire.
Taiwan Sapphire and GlobalWafers will be both 100% owned subsidiaries by SAS, once the spin-off completion. The company said Taiwan Sapphire will issue 40 million shares and GlobalWafers will issue 180 million shares to SAS to conclude the process.
SAS, a Taiwanese company founded in 1981, said the Sapphire business unit founded in 2007 maintains the remarkable 300% growth rate in past years. It said, once spin-off completion, Solar, Semiconductor, and Sapphire business units should become more competitive and efficient.
The record date of the spin-off is anticipated to be 1 October 2011.
The spin-off proposals will be submitted to annual shareholders’ meeting on 17 June 2011.