TAIPEI, April 11 Taiwan Semiconductor
Manufacturing Co Ltd, the world's No.1 contract chip
maker, said on Friday its board has approved a plan to sell a 5
percent stake in Vanguard International Semiconductor Corp
for T$3.5 billion ($1.17 billion).
The sale would reduce TSMC's stake in the smaller chip maker
to 33.3 percent, according to a TSMC statement.
TSMC remains the biggest shareholder of Vanguard following
the sale, the company said.
Shares of Vanguard ended Friday down 1.1 percent at T$44.8.
TSMC is planning to sell the 5 percent stake at T$42.55.
(Reporting by Faith Hung; Editing by Christopher Cushing)