MediaTek To Buy Back Shares

MediaTek has unveiled plans to buy back common shares from the Taiwan stock market aiming to stabilize its stock prices.

MediaTek will repurchase 15.9 million shares of common stock, equivalent to 1% of its outstanding shares, at a price range of NT$301 (US$9.90) to NT$452 per share between March 23 and May 22. Even if MediaTek’s share price falls below the target offer range, the company continued, its stock repurchasing will still be carried out.

MediaTek expects to spend as much as about NT$7.1 billion on the buyback.

MediaTek’s previous stock repurchase was implemented in 2011.

MediaTek’s share price on the Taiwan Stock Exchange (TWSE) rallied by its daily 10% limit to close at NT$301 on March 20.

—Digitimes