UPDATE 1-Japan's Asahi Glass to double Taiwan capacity -report

(Adds company comment, closing share price)

TAIPEI, July 17 (Reuters) - Japan's Asahi Glass 5201.T will build a fifth LCD glass-making factory in Taiwan, with longer term plans to build another five plants to serve growing demand for LCD monitors and TVs, Taiwan media reported on Thursday.

The plan for up to five more plants comes as Asahi prepares to build its fifth LCD glass factory in Taiwan, costing about T$12 billion ($400 million) and slated for completion early next year, the Chinese-language Economic Daily reported.

The fifth plant would cater to Taiwan's large LCD-making sector, led by AU Optronics 2409.TW, the world's third-largest producer, Chi Mei Optoelectronics 3009.TW and Chunghwa Picture Tubes 2475.TW.

Asahi Glass shares closed up 2.8 percent at 1,193 yen in Tokyo, while AU, Chi Mei and Chunghwa shares were up 4.1 percent, 4.4 percent and 2.3 percent, respectively, in Taiwan, amid broader rallies in both markets.

Asahi Glass spokesman Yoshihiko Saito said he was checking the report and would aim to comment on it on Friday.

The fifth plant set for completion early next year would produce 8.5-generation glass, according to the Economic Daily report.

It said Asahi executives discussed their longer term plans at a meeting with Taiwan’s economics minister on Wednesday, adding that Taiwan would become Asahi’s largest LCD glass production hub in Asia if it sticks to its long-term development plan.