UPDATE 1-Siliconware to invest up to T$2 bln in Taiwan Memory

* Siliconware joins Taiwan Memory

* Stock outpaces big board before announcement (Adds details)

TAIPEI Aug 13 (Reuters) - Chip packager Siliconware (2325.TW) said on Thursday it would invest up to T$2 billion ($61 million) in Taiwan Memory Co (TMC), a newly established computer memory chip company.

In a brief statement, Siliconware (SPIL.O) said its board approved the plan to buy TMC shares worth between T$1 billion and T$2 billion, making it the first company to announce investments in the state-supported DRAM company.

TMC was officially established in late July, with an initial capital of T$500,000. TMC would use Elpida's technology to help rescue the island's struggling DRAM sector, which competes with global giants in South Korea. [ID:nTP104915]

Taiwan's DRAM chip makers have all been losing money for most of the past year in a global downturn due to oversupply, while demand and chip prices have rebounded recently.

Siliconware did not elaborate further and a TMC official declined to comment. Siliconware shares closed up 2.4 percent, outpacing the main TAIEX's .TWII 1.97 percent gain. (US$1=T$32.9) (Reporting by Baker Li, Editing by Ken Wills)