`


THERE IS NO GOD EXCEPT ALLAH
read:
MALAYSIA Tanah Tumpah Darahku

LOVE MALAYSIA!!!





Wednesday, March 31, 2021

Khazanah sells SilTerra for RM273mil

 

DNex and CGP Fund will be injecting at least RM200 million into Silterra Malaysia. (silterra.com pic)

PETALING JAYA: Khazanah has sold SilTerra Malaysia Sdn Bhd to Dagang NeXchange Bhd (DNeX) and a Chinese firm for RM273 million, according to a report.

The Edge reported that DNeX and Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center (CGP Fund) signed a share sale and purchase agreement to take over the semiconductor unit.

Citing a statement by DNeX, it said the firm will acquire a 60% equity stake in SilTerra for RM163.8 million while CGP Fund will obtain the remainder for RM109.2 million.

“The purchase consideration for DNeX will be funded through a combination of proceeds to be raised from a proposed private placement, internally-generated funds and/or borrowings,” according to the financial daily.

DNeX and CGP Fund will also be injecting at least RM200 million to the company.

“From the capital injection, approximately RM150 million will be mainly utilised as capital expenditure to upgrade SilTerra’s equipment and manufacturing capabilities in new technologies, with the remaining allocated for working capital,” DNex said.

The report added that DNeX is set to inject around RM120 million, based on its 60% stake.

DNeX said the acquisition is set to be finished before the third quarter of this year, while the capital injection is expected to be done within six months after that.

In thanking Khazanah for entrusting the firm with turning SilTerra around, DNeX managing director Syed Zainal Abidin Syed Mohamed Tahir said he was optimistic about the company’s potential to grow at a rapid pace.

“We believe SilTerra can ride on the current shortage in the global semiconductor market and turn a better financial performance in the coming years,” he said.

He added that DNeX has set a two-year timeline to bring SilTerra back into profitability. - FMT

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.