Powerchip Technology has raised NT$314 million (US$10.5 million) by selling its entire stake in memory module maker Apacer Technology, according to a company filing with the Taiwan Stock Exchange.

Powerchip sold 20.07 million shares of Apacer at NT$15.66 per share from December 24, 2011 to January 11, according to the filing. From the transaction, Powerchip gained NT$85.87 million in profits.

Powerchip said the stake sale is to raise its working capital. Market observers, however, believe the move will help the firm demonstrate its ability to repay debts while seeking continued support from its creditor banks.

In other news, Powerchip was quoted as saying in previous reports that the company would shift its focus away from the PC DRAM market, and expand its flash and foundry businesses.

Powerchip reported NT$13.14 billion in net losses for the first three quarters of 2011, which translated into an EPS of negative NT$2.37.

Source:digitimes