September 15, 2003 – Taiwanese chipset maker Silicon Integrated Systems Corp. (SiS) says its board of directors has approved a plan to spin off its 8-in. wafer fab into a fully-owned subsidiary, stifling rumors of a possible sale to major shareholder United Microelectronics Corp., according to Dow Jones.
The new subsidiary, SiS Microelectronics, will have an initial capitalization of $234 million, with $505 million in assets and $266 million in equity, and $240 million in liabilities.
Chairman John Hsuan says the deal will help SiS focus on chip design and development. Stockholders will meet on November 10 to vote on the proposal.