ProMOS Technologies Inc (茂德科技), the country’s third-largest computer memory chipmaker, said yesterday it would extend an early tender offer for the second time to buy back convertible bonds from Tuesday to Saturday in a last-ditch effort to avoid default.
As of yesterday, 70 percent of ProMOS’ convertible bond holders had agreed to sell back the US$335 million outstanding convertible bonds to the Hsinchu-based company at a deep discount, or not to exercise the “put” option, the company said in a statement yesterday.
That was 9 percentage points lower than the level of 79 percent set by the chipmaker.
Only if the tender offer were successful would ProMOS’ creditors, led by the Bank of Taiwan (臺灣銀行), inject a recently approved NT$3 billion (US$87.83 million) bank loan into the chipmaker to help it repay the debt, ProMOS spokesman Ben Tseng (曾邦助) said by telephone.
“We still hope we can clinch the deal,” Tseng said.
The company’s creditors, which hold 12 percent of the convertible bonds, agreed not to exercise their “put” option if the tender offer succeeds, a the company statement said.
The deadline for bondholders to redeem their investment is on Saturday night.
ProMOS could release the final result on Monday, Tseng said.
As of the middle of last month, ProMOS had only NT$200 million in cash on hand after it used most of the money during the two-year-plus industry slump.
The company has accumulated NT$85.9 billion in debts.
Shares of ProMOS rose 6.25 percent yesterday to NT$0.85, outperforming the benchmark TAIEX’s 0.12 percent gain. ProMOS also outperformed local rivals Powerchip Semiconductor Corp (力晶半導體) and Nanya Technology Corp (南亞科技), which rose 3.17 percent and 2.55 percent to NT$3.47 and NT$6.44 respectively.
HSBC Holdings PLC is deepening its commitment to Taiwan as the economy emerges as one of the bank’s fastest-growing markets globally, driven by an artificial intelligence (AI) investment boom, expanding cross-border trade, and rising wealth creation. “The advantage that Taiwan has is a growth story linked to the semiconductor and broader AI industries, strong underlying corporate performance, and wealth creation,” said Surendra Rosha, HSBC’s co-chief executive for Asia and the Middle East, in an exclusive interview with the Taipei Times on June 2, during this year’s HSBC Taiwan Conference. That combination has helped HSBC cement its position as the most profitable international
The New Taiwan dollar yesterday fell sharply against the US dollar to close at its lowest level since May 22 amid a massive outflow of funds from the country because of investors panicking over global equity markets. The NT dollar ended at NT$31.580 against the US dollar, slightly lower than its close of NT$31.568 on May 22, after moving between NT$31.5 and NT$31.648 on combined turnover of US$3.062 billion on the Taipei Foreign Exchange and the Cosmos Foreign Exchange. The NT dollar received a significant hit in the morning session, slumping as much as NT$0.173 at a time when other Asian currencies
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is now ranked ninth among the world’s 100 most valuable companies after its market capitalization more than doubled over the past year, PricewaterhouseCoopers (PwC) Taiwan said in a report last month. TSMC’s market capitalization surged 101 percent year-on-year to US$1.427 trillion as of March 31, the accounting and consulting firm’s 2026 Global Top 100 Companies by Market Capitalization report said. The gain catapulted the world’s largest contract chipmaker from 12th place to ninth in the rankings, and it was the fastest-growing among the global top 10, it said. TSMC was the only Taiwanese company among the top
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported record revenue of NT$416.975 billion (US$13.17 billion) for last month, putting the world’s largest contract chipmaker on track to set a record for quarterly revenue. Last month’s figure surpassed March’s record NT$415.19 billion and represented increases of 1.5 percent from April and 30.1 percent from a year earlier. For the first five months of the year, TSMC generated NT$1.96 trillion in revenue, up 30 percent year-on-year, it said in a statement. TSMC has forecast second-quarter revenue of between US$39 billion and US$40.2 billion, representing sequential growth of about 10 percent and year-on-year growth of about
RSS