News Release from: 1st Silicon (Malaysia)
Edited by the Electronicstalk Editorial Team on 4 October 2002
Further finance ramps up foundry services
1st Silicon (Malaysia) has received a new round of financing, totalling US $614 million in equity and credit.
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1st Silicon (Malaysia) has received a new round of financing, totalling US $614 million in equity and credit. The funds give 1st Silicon the necessary capital to purchase the manufacturing equipment vital for bringing the company's manufacturing facility to capacity levels. "In serving both fabless companies and integrated device manufacturers, a consistent, reliable source of capacity is key to the success of any foundry", stated Dr John Nelson, Chief Operating Officer of 1st Silicon.
"The additional equity gives 1st Silicon the capability to meet and exceed customer requirements through providing support infrastructure and continuous technology development efforts, essential to serve its global customer portfolio".
Of the $614 million raised, US$290 million is additional equity raised since January 2002 thus increasing the company's paid-up share capital from US $322 million to US $613 million.
The other portion of the company's funding is represented by two credit facilities amounting to US $324 million, which will also be used for the purchase of semiconductor manufacturing equipment.
The credit facilities consist of US $120 million sourced from Japan Bank of International Corporation (JBIC) and related commercial banks, and US $204 million from United States Export Import Bank and related funding institutions.
Both new credit facilities are guaranteed by the Malaysian Government.
The company still has a balance of US $36.5 million available for equipment purchases from an earlier United States Export Import Bank guaranteed facility.
"Continued expansion is essential to meeting the manufacturing capacity and capabilities that our customers expect from their fabrication facility", remarked Datuk Ramly Ahmad, 1st Silicon Chief Financial Controller.
"The total equity and funding for this continued growth is also an eloquent statement about Malaysia's Federal and State Governments' support for the semiconductor industry, and 1st Silicon specifically".
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