|
AMT
News
July
10 , 2002
Press Release
Dongbu
ups its stake in Anam
The Dongbu Group said Wednesday, July 10,
that it has acquired an additional 16.1%
stake in Anam Semiconductor Inc., making
the mid-sized South Korean conglomerate
the largest shareholder in the contract
chipmaker.
Dongbu
spent W114 billion ($95 million) buying
20 million shares from the U.S.-based chipmaker
Amkor Technology Inc., said a Dongbu spokesman,
Choi Jin Ho.
The
Dongbu Group made the purchase through Dongbu
Construction Co. West Chester, Pa.-based
Amkor, formerly Anam's largest shareholder,
drops to No. 2 with a 22.4% stake.
Last
week, Dongbu acquired a 9.7% stake in Anam
for W60 billion last week through two insurance
units, Dongbu Insurance Co. and Dongbu Life
Insurance Co. Credit Suisse First Boston
is advising the Dongbu Group.
The
purchase of the Anam stake increases the
production capacity of Dongbu Electronics
Co.
Choi
said a strategic alliance between Anam and
Dongbu Electronics will help the Dongbu
Group's steel unit, Dongbu Steel, which
has been experiencing financial problems
partly related to its exposure to Dongbu
Electronics' debt.
Dongbu
Steel had guaranteed the payment for a W100
billion loan taken out by Dongbu Electronics
to help the chipmaker pay back its debt.
Dongbu
Steel plans to issue convertible bonds later
this month to pay back W25 billion in debt.
The Dongbu Group has 19 affiliates, including
Dongbu Securities Co. and Dongbu Investment
Trust Management Co.
For
further information please contact:
Steve
Wasserman or the team at AMT Capital at,
email: info@amtcap.com
phone: 1-800-519-0533 or 212-877-1588
website: www.amtcap.com
|
