Components | May 09, 2011
SMIC gets cash from Datang
Datang Telecom Technology & Industry Group is investing USD 70 million in Semiconductor Manufacturing International.
SMIC had granted - in an announcement dated 8 November 2008 and the Investor Announcement relating to, among other things, the potential exercise of the pre-emptive right and subscription of the Datang Pre-emptive Securities by Datang. Datang is now exercising this right. The company - based in Beijing is already major shareholder in SMIC. Pre-emptive rights of TSMC TSMC has received similar rights through an announcement dated 10 November 2009. As a result, TSMC holds 1'789'493'218 Ordinary Shares constituting approximately 6.53% of the issued share capital of the Company and the Investor Announcement. Pursuant to the TSMC Share and Warrant Issuance Agreement, in case of any issue of new shares or warrants, subject to certain exceptions, TSMC has a pre-emptive right to purchase a pro rata portion of the new shares and warrants being issued equivalent to the percentage of the issued share capital of the Company then owned by TSMC prior to the issue of the new shares and warrants. TSMC has notified SMIC that it will not exercise its pre-emption rights in respect of the Investor Subscription and the Datang Further Subscription.
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