The Taiwan Semiconductor Manufacturing Corp (TSMC), the world's largest contract chip maker, said Tuesday it will repurchase up to 16.5 billion Taiwan dollars (about 542 million US dollars), or a maximum of 283 million shares, of the company's common shares from the open market.
TSMC plans to buy back shares at a price of 42.85 to 86.20 Taiwan dollars (1.3-2.7 US dollars) per share from August 13 to October 12, 2008 and cancel the repurchased shares, TSMC said in a statement.
"The sole purpose of this buyback is to remove partially the dilution from employee profit-sharing," TSMC spokesperson and Chief Financial Officer Lora Ho said in the statement.