Taiwan's UMC plans T$1.5 bln investment company

TAIPEI Aug 24 (Reuters) - Taiwan's UMC (2303.TW), the world's second-largest contract chip maker, said on Monday its board approved a plan to set up a new wholly-owned investment company. UMC (UMC.N) said in a statement that the new company would be capitalised at T$1.5 billion ($46 million), and UMC would invest in solar and LED markets that have high growth potential.

UMC announced the news after the Taipei stock market closed on Monday. UMC shares surged 7 percent to their daily limit, outpacing the main TAIEX's .TWII 2.76 percent rise. (US$1=T$32.9) (Reporting by Baker Li, Editing by Jacqueline Wong)