Chip venture stake for Toshiba

Toshiba Corp yesterday said it would spend US$15.92 million to acquire a 19.9 per cent stake in a memory chip company being set up by Taiwan's Walsin Lihwa Group. The new company, Walton Advanced Electronics, capitalised at $80 million, would be formed on July 1 in Kaohsiung, Toshiba said. Walton will be owned 75 per cent by Walsin Advanced Electronics and Winbond Electronics Corp, and 5.1 per cent by Mitsui.