News Article
Dongbu Group Has Agreed To Buy 20m Shares In Korea-based Wafer Processing
The transaction should be
finalised within the next 60 days, subject to completion of certain
conditions. Upon completion of the transaction Amkor intends to repay all of
a $97m term loan under its secured bank credit agreement. A $100m revolver
agreement will remain in place. Dongbu has also agreed to buy 12m newly
issued shares of ASI. With these transactions, Amkor's ownership interest in
Anam Semiconductor will be reduced to approximately 22%.
"Amkor obtained its ownership interest in ASI during 1999 and 2000 in
connection with the acquisition of ASI's semiconductor assembly factories,"
says James Kim, Amkor's chairman and CEO. "We have indicated for some time
our commitment to reducing Amkor's ownership interest in ASI in order to
delever the balance sheet and focus on our core business of assembly and
test. This transaction is a step in that direction."
connection with the acquisition of ASI's semiconductor assembly factories,"
says James Kim, Amkor's chairman and CEO. "We have indicated for some time
our commitment to reducing Amkor's ownership interest in ASI in order to
delever the balance sheet and focus on our core business of assembly and
test. This transaction is a step in that direction."
