ATIC Increases Stake in Globalfoundries

From X-bit Labs: Advanced Technology Investment Company (ATIC), an investment company controlled by the government of the Emirate of Abu Dhabi, this week increased its stake in Globalfoundries, a contract maker of semiconductors owned by ATIC and Advanced Micro Devices. The two companies also amended their shareholders and funding agreements as a result of the change.

As a result of the final consolidation of Globalfoundries and Globalfoundries Singapore (formerly Chartered Semiconductor Manufacturing), the share of Advanced Micro Devices in the manufacturer of its processors dropped to 14%, whereas the share of ATIC increased to 86%. The Abu Dhabi-based investment company said earlier this year that it would gradually increase its stake in the contract maker and the new agreements between AMD and ATIC confirm the plan.

Subject to certain exceptions set forth in the new shareholders’ agreement, the AMD's right to designate one representative to the Globalfounfries board of directors will continue for at least two years following the date on which AMD's ownership in the contract manufacturer, on a fully converted to GF ordinary shares basis, falls below 10%, the point at which AMD previously lost the right to such board representative.

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