Powerchip Technology has completed a 60% cut in its paid-in capital allowing the net worth of its shares to rise to NT$2.15 (US$0.07) per unit from NT$0.86, according to the Taiwan-based memory chipmaker.

Following the capital reduction, Powerchip is scheduled to trade its new shares on Taiwan's over-the-counter (OTC) stock market on September 28. Its old stock can be traded through September 17.

Powerchip reported net losses for the first quarter of 2012, which marked the company's fifth consecutive quarterly loss. The firm reiterated its efforts to turn its business focus away from PC DRAM, and expand its foundry business.

In addition, Powerchip's sale of its stake in Rexchip Electronics will bring in almost NT$10 billion. The sale will be valid as long as Micron Technology completes its acquisition of Elpida Memory.

Micron previously announced it has signed a deal with Elpida's trustees to acquire the bankrupt company. Micron also announced it reached a separate agreement with Powerchip and certain of its affiliates to acquire the group's 24% stake in Rexchip for approximately NT$10 billion. Micron added its purchase of Powerchip's Rexchip shares will occur upon close of the Elpida transaction.