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Mon 7 Mar 2016 01:55 PM

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Abu Dhabi's Mubadala says no plans to sell Globalfoundries, Yahsat

CEO Khaldoon Khalifa al-Mubarak denies reports, saying company is not in 'distressed situation'

Abu Dhabi's Mubadala says no plans to sell Globalfoundries, Yahsat

Abu Dhabi's state-owned fund Mubadala has no plans to sell contract chipmaker Globalfoundries or United Arab Emirates satellite operator Yahsat, its chief executive Khaldoon Khalifa al-Mubarak said on Monday.

Bloomberg had reported last month, citing unnamed sources, that the fund was considering the sale of Yahsat and had held early talks with potential buyers for Globalfoundries as the emirate of Abu Dhabi reviewed state assets in an environment of low oil prices.

"We are not in a distressed situation," Mubarak said on the sidelines of a business conference. "We'll keep those businesses," he added.

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