Formosa Petrochemical is giving a financial hand to Nanya Technology and Inotera.
The company will provide one year loans of $167.34 million to Nanya and $270.8 million (NT$8.5 billion) to Inotera in a bid to help the two memory outfits buy new equipment in their move toward 42nm.
The loan should help with Nanya and Inotera’s 2011 capital expenditure which ran at less than the $975 million (NT$30 billion) and $19 million (NT$58 billion), respectively. However, the companies have yet to finalise their 2011 budgets according to DigiTimes.
Formosa Plastic Group is the parent company of Nanya. The Forbes-listed Cher Wang is the heiress to the company and the ties run deeper. She’s married to Via‘s CEO, owns Inotera and FIC and is the chair and co-founder of smartphone giant HTC. She can afford to spend a bob or two to keep Nanya and Inotera rolling.
It’s not the first time Wang has thrown money at the companies. In November, Formosa supported a Nanya fund raiser, which involved placing orders for new shares despite Nanya stocks falling below the $0.55 (NT$16.50) new share offering price at the time.
Despite this they managed to raise $300 million (NT$9.9 billion). In addition, Nanya had previously borrowed $167.34 million (NT$5 billion) from Formosa Petrochemical, bringing the total to $303 million (NT$10 billion).