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Sumitomo Metal Mining Co Ltd withdrawing form COF business

Wednesday, 25 Dec 2013 04:00am EST 

Sumitomo Metal Mining Co Ltd (SMM):Says to withdraw from its COF business.Says SMM holds 70 pct of shares in Sumiko Electronics Taiwan Co.,Ltd. (SET) through a subsidiary company, but will transfer all of these shares to Chang Wah Electromaterials Inc. (CWE), which currently holds 30 pct of SET shares, on the last day of Mar. 2014.Says At SET, SMM has been developing a COF business specialized in fine pitch products, but has also investigated drastic reform of its COF business in the midst of structural reforms to its materials business.Says under these circumstances and as a result of negotiations conducted with CWE, which is aiming for development through agile expansion based on 100 pct ownership of SET shares, SMM has decided to transfer the shares held by the SMM Group to CWE. 

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12.5 +0.65%
29 May 2015