Science-Based Industrial Park, Hsin-Chu, Taiwan, May 12, 1998 - Taiwan Semiconductor Manufacturing Company Ltd. (TSMC or the "Company") (NYSE: TSM) today held a meeting of the Board of Directors and Supervisors. At the meeting the Board of Directors and Supervisors approved the appointment of Dr. F. C. Tseng as the President of TSMC effective from May 12, 1998.
Dr. Morris Chang, Chairman of TSMC, pointed out that Dr. Tseng is one of the founding employees of TSMC and has made significant contributions to the Company. Prior to transferring to Vanguard International Semiconductor Corporation as the President two years ago, Dr. Tseng was the Senior Vice President of Operations of TSMC and was in charge of production and R&D of the Company. Dr. Tseng has achieved great success in technology, production, operation, and management. His possession of abundant experiences and resources made him the most suitable person for the position of TSMC President.
Dr. Tseng received his master degree in Electrical Engineering from National Chiao-Tung University and Ph.D. in Electrical Engineering from National Cheng-Kung University in 1970 and 1985, respectively. Dr. Tseng was awarded one of the "The Ten Outperforming Engineers" by the Chinese Engineers' Association. Before he joined TSMC, Dr. Tseng worked as the Plant manager of the IC Demonstration plant and as the Director of Process Development Division in ERSO, ITRI. Prior to ITRI, he worked for Fine Products Micro Electronics Corporation and Taiwan Power Company.
TSMC spokesman, Mr. YC Huang, outlined several important decisions made at the Board of Directors and Supervisors' meeting as follows:
The Board of Directors and Supervisors approved the investment of US$ 3 million in Crimson Asia Capital Ltd., L.P. ("Crimson"). Crimson, which has its headquarters in Hong Kong and its branch office in the Silicon Valley, California, USA, is a venture capital promoted by Koos Group. The major investment targets of Crimson shall be semiconductor industry, PC and peripheral components industries, as well as telecommunication industry.
The Board of Directors and Supervisors approved the subscription of new shares to be issued by Vanguard International Semiconductor Corporation in 1998, at the price not exceeding NT$ 32.5 per share. The total amount for the above subscription shall not exceed NT$ 1,633,915,985.
The Board of Directors and Supervisors approved the investment of not more than NT$1 billion in a newly-established industrial bank; and to authorize the Chairman to handle all matters and execute contracts and documents relating to the investment.