On January 2, according to foreign media reports, Philips said it had completed the sale of 800 million TSMC shares for $1.5 billion. This will increase it by about $780 million in non-tax net income in the fourth quarter.
Recently, Philips said in an e-mail that the company has sold 800 million TSMC shares for $1.5 billion and expects to sell all TSMC shares held by the end of 2010.
It is reported that TSMC said in mid-November that the company will buy back 1.5 billion shares from Philips and other investors. The sale of shares by Philips is part of TSMC's plan to buy back shares. Philips holds a total of 1.3 billion TSMC stocks worth 1.7 billion euros, with a shareholding ratio of about 5%. Currently, Philips is implementing a strategic shift and intends to exit the chip business, focusing on areas such as home appliances, medical scanners and lighting.
Affected by the news, Philips shares rose 2 cents to 29.52 euros on the day, the company's share price rose 3.3% in 2007; TSMC shares rose 2.5% to 62 yuan, although the company's share price in 2007 fell 7.7 %.
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