Wafer Works invests US$600,000 for Formosa Epitaxy's new subsidiary

Recently, Wafer Works reported that the company planed to invest US$600,000 for Formosa Epitaxy's new subsidiary in Jiangsu, China, with a 1% share. For Wafer Works, it was not a small stake, but the shareholder relations would improve its ability in the LED supply chain, with the sapphire substrate prices on the rise in 4Q.

Currently, in sapphire substrate, Wafer Works has produced 100,000 units every month, and planed to reach 200,000 units in 2011. Also, the company was to expand self-produced sapphire ingots ability from 10-20% at present to 30% in 2011.it is said that the price for sapphire ingots would keep gong up 10-15% by the end of 2010 with the short.

It was reported that Formosa Epitaxy has planed to raise funds through issuance of new shares domestically, offshore depository receipts, private placement or convertible bonds in the first half of 2011. In the same time, the company was looking for strategic partners with future expansion.

Also, Amtran Technology, LG Display and Unity Opto had own shares with equity investment for the new company, and these companies provide Jiangsu company strong connection from upstream materials to downstream end-use markets.

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