Brief: Magnachip Announces Plan To Separate Display And Power Businesses

MagnaChip Semiconductor

30/05/2023 12:40

May 30 (Reuters) - MagnaChip Semiconductor Corp  MX.N :
    * MAGNACHIP ANNOUNCES PLAN TO SEPARATE DISPLAY AND POWER
BUSINESSES
    * MAGNACHIP SEMICONDUCTOR CORP - INTERNAL SPLIT-OFF IS
EXPECTED TO
BE COMPLETED IN Q4 OF 2023
    * MAGNACHIP SEMICONDUCTOR - AS PART OF TRANSACTION, ALL
ASSETS AND
LIABILITIES OF DISPLAY BUSINESS WILL BE CONTRIBUTED TO NEWCO IN
EXCHANGE FOR EQUITY
    * MAGNACHIP SEMICONDUCTOR - TO EFFECTUATE INTERNAL
SEPARATION BY
ESTABLISHING A NEW SUBSIDIARY UNDER MAGNACHIP KOREA
    * MAGNACHIP SEMICONDUCTOR - ONCE INTERNAL SPLIT-OFF IS
COMPLETED,
MAGNACHIP KOREA AND NEWCO WILL BOTH BE SEPARATE OPERATING
COMPANIES
    * MAGNACHIP SEMICONDUCTOR - GUMI FABRICATION FACILITY WILL
REMAIN
WITH MAGNACHIP KOREA
    * MAGNACHIP SEMICONDUCTOR - INTERNAL SPLIT-OFF NOT EXPECTED
TO
HAVE ANY MATERIAL IMPACT ON FINANCIAL REPORTING OR CONSOLIDATED
FINANCIAL STATEMENTS

Source text for Eikon:  ID:nPn71Q7v0a 
Further company coverage:  MX.N 

 ((Reuters.Briefs@thomsonreuters.com;))