The board of Taiwan Semiconductor Manufacturing Company (TSMC) on November 13 approved a capital appropriation in the amount of US$2.975 billion for the purpose of expanding advanced process capacity, construction of new 12-inch facilities and installation of related equipment, according to a press release from the company.
TSMC's board also agreed to allocate US$209.5 million for advanced process R&D in 2013, according to the statement.
Meanwhile, the board approved a proposal to issue up to NT$45 billion (US$1.53 billion) worth of unsecured corporate bonds in Taiwan to help finance its capacity expansion, TSMC indicated.
TSMC previously said that its capex target for 2013 will stay high at 2012 levels. TSMC estimated 2012 capex at a record US$8.3 billion.
In addition, TSMC's board also approved plans to buy NT$1.24 billion worth of new shares in its solid state lighting business unit, and NT$636 million worth of those in its solar unit, in 2013.
TSMC Solid State Lighting and TSMC Solar were both set up as TSMC's wholly-owned subsidiaries in 2011.
