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(From Taiwan Economic News)
Taipei, Feb. 16, 2006 (CENS)--The United Microelectronics Corp. (UMC) announced a program on Feb. 15 for buying back 1 billion shares of its stock, starting today, which will be used to write down its capital
UMC already possesses 942 million hoarded shares of its stock. If it combines the hoarded shares with all of the newly bought-back shares for capital write-down, UMC's capital will drop by 10% to NT$178 billion, down from NT$197.9 billion now and NT$70 billion lower than the capital of NT$247.2 billion of Taiwan Semiconductor Manufacturing Co. The NT$70 billion is equivalent to the cost for building one and a half …