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VIS Shareholders Approved VIS Dividend Policy
Hsinchu, Taiwan, December 27, 2004 - Vanguard International Semiconductor Corporation, a leading specialty IC foundry service provider, held a special shareholders meeting today, at which the proposed amendment to Article 29 of the Company's Articles of Incorporation was approved. The amendment to the dividend policy adopts a more flexible method of dividend distribution, by placing emphasis on cash dividend instead of stock dividend. According to the new dividend policy, cash dividend shall not be lower than 10 percent of total distribution.

Mr. Daniel Chen, Vanguard's spokesperson and vice president, said that the approved revision to the dividend policy will allow VIS to have more flexibility in planning cash dividend distributions, secure holders' interests by preventing excessive capital growth, at the same time ensure shareholder's long-term ROE.

Based on the new dividend policy approved by shareholders today, VIS' future dividend distributions will be issued mainly in the form of cash. Furthermore, VIS will appropriately adjust the ratio of stock to cash dividend according to the long-term development and operation needs of the company.

Media Contacts:
Daniel Chen
General Counsel, Vice President of Administration
Vanguard International Semiconductor Corporation
Tel: 886-3-5770355 ext.2009
Fax: 886-3-5773504
E-mail: Vanguard_PR@vis.com.tw

Michelle Chang
Public Relations
Vanguard International Semiconductor Corporation
Tel: 886-3-5770355 ext.1900
Fax: 886-3-5773504
E-mail: ijchang@vis.com.tw