Nanya Technology has sold more of its holdings in Micron Technology for a total of about US$35.52 million, according to the Taiwan-based DRAM chipmaker.
Nanya in a filing with the Taiwan Stock Exchange disclosed it had disposed of approximately 1.16 million shares of Micron at around US$30.554 each from August 23 to August 24. Nanya expects to recognize a total gain of US$15.39 million from the sale.
The purpose of the share disposal is to increase the company's working capital and repay loans, Nanya indicated.
In July, Nanya sold a total of 382,537 Micron shares and recognized US$5.625 million from the sale.
Nanya started to dispose of its holdings in Micron in mid-June. Nanya sold a total of about 12 million Micron shares for US$30-32 each from June 16 to June 29, and recognized a total gain of nearly US$167 million from the sale.
Nanya still holds 44,221,082 Micron shares, or an about 3.97% stake in the US company.
Nanya completed its investment in Micron through private placement at the end of 2016 by acquiring 57,780,138 Micron shares for a 5.26% stake in the US company. The Taiwan-based firm's participation in Micron's private placement was part of the conditions enabling Micron's buyout of Inotera Memories (now Micron Technology Taiwan). |