Tuesday, March 1, 2005
Motorola may raise as much as $112 million from the sale of 517.5 million shares of Semiconductor Manufacturing International Corp. (SMIC) that it owns, Motorola has confirmed.
The shares are being offered at 21 cents (1.64 HKD) to 22 cents (1.69 HKD) each, representing a discount of as much as 3 percent to the company’s closing price.
SMIC, China's biggest supplier of made-to-order chips, raised $1.8 billion (14 billion HKD) in a Hong Kong initial public offering in March 2004. The stock was sold to investors at 35 cents (2.72 HKD) in the IPO.
Deutsche Bank AG, which arranged the IPO with Credit Suisse First Boston, is managing the sale.
Schaumburg, Illinois-based Motorola owned 1.43 billion shares of SMIC as of Dec. 31, 2004, representing about 7.8 percent of the company’s outstanding stock, Bloomberg also reported.
In January 2004, took a significant stake in SMIC when it sold the foundry its MOS-17 wafer facility in Tianjin, China, in exchange for 1.27 billion SMIC shares.
By: DocMemory
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