SMIC to Receive Investment from CIC
According to the press release, “Semiconductor Manufacturing International Corporation (“SMIC”; NYSE: SMI; SEHK: 0981.HK), China’s largest and most advanced semiconductor foundry, announced today a definitive investment agreement between SMIC and China Investment Corporation (CIC). Under the terms of the agreement, CIC will invest US$250 million in SMIC, acquiring 360,589,053 convertible preferred shares at HK$5.39 per convertible preferred share. After issuance and conversion of the new shares, CIC will own approximately 11.6% of SMIC’s outstanding share capital. The agreement also provides CIC with warrants for investing an additional US$50 million in SMIC on the same terms, and entitles CIC to nominate one member of SMIC’s board of directors.
“We are very pleased with our new partnership with CIC,” said Dr. Jiang Shangzhou, Chairman of SMIC. “Their investment in SMIC provides a source of capital that allows us to take full advantage of our project pipeline. Partnering with CIC is conducive to realizing our development objectives and enhancing our competitive advantage in the international arena. We welcome this investment from CIC.””
Read more: SMIC Press Release
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