On September 26 the board of Taiwanese LCD panel maker AUO approved the plan to set up an LCD (Liquid Crystal Display) TV joint venture with Taiwanese electronics contract maker Qisda, Economic Daily News of Taiwan reported. The new company is capitalized at NT$200 million (US$6.21 million; US$1=NT$32.19). AUO plans to invest NT$120 million (US$3.73 million) for a 60% stake in the venture, and Qisda will hold the remaining 40%. The new company will engage in contract production and assembly of LCD TVs. Establishment of the new company will be completed by the end of this year.