Wednesday, 18 May 2011

Atic plans to raise stake in Globalfoundries to over 90% - The National

Abu Dhabi's Advanced Technology Investment Company (Atic) plans to increase its stake in the Globalfoundries microchip business to over 90 per cent by the end of the year, a senior executive said today.

ATIC's stake rises as it pours investment into Globalfoundries, in which it last year acquired a 65.8 per cent stake for US$2.1 billion (Dh7.71bn).

"Today, it's an 87 per cent ownership stake in Globalfoundries. By the end of the year it will be around 90 per cent or just over 90 per cent as we continue to contribute capital to the company," said Daniel Durn, executive director in charge of Atic's investments and strategy.

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