Magnachip to separate display and power businesses, shares drop

MagnaChip Semiconductor

30/05/2023 16:30

** Shares of Magnachip Semiconductor Corp  MX.N  down 3.47%
at $10.29
    ** Co announces internal split-off to separate its display
and power businesses  
    ** Under separation, plans to create distinct entities by
establishing new subsidiary under its operating subsidiary
Magnachip Semiconductor Ltd (Magnachip Korea) 
    ** No material impact expected on co's financial; says
split-off expected to be completed in Q4 2023 
    ** Stock has risen 9.58% YTD

 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com))