Taiwan Semiconductor Manufact-uring Co (TSMC, 台積電) will issue 100 million new shares to employees as stock options, a report in the local Chinese-language media said, citing company officials at an investors' meeting.
The shares are worth NT$8.2 billion (US$237.4 million) based on Tuesday's closing market price. The company will decrease stock options awarded to board members to 0.3 percent of the total from 1 percent, the report said.
TSMC will distribute dividends in the form of shares instead of money because the company wants to use cash for expansion to meet increasing demand, the report said.
The board agreed yesterday to allocate NT$69.3 billion as part of a budget for expansion this year. The company is sticking to plans to spend a total of NT$90 billion this year, spokesman Tzeng Jinnhaw (曾晉皓) said.
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