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Elpida shares jump on public funds, price reports

Tue Apr 21, 2009 9:02pm EDT

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TOKYO, April 22 (Reuters) - Shares in Japanese PC memory maker Elpida Memory (6665.T) jumped 17 percent on Wednesday after a newspaper reported it would seek around $500 million in state funds, while its chief executive said it plans to hike prices.

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The Nikkei business daily said Elpida, the world's No.3 maker of dynamic random-access memory (DRAM), is expected to seek around 50 billion yen ($507 million) in public funds to shore up its finances, battered by slump in chip prices and demand.

Chief Executive Yukio Sakamoto also said in a Bloomberg interview that the company plans to raise DRAM prices as much as 50 percent next month. (Reporting by Sachi Izumi; Editing by Michael Watson)

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