ATIC's stake in Global Foundries will increase to 70 percent soon, CEO says.
Abu Dhabi government-owned Advanced Technology Investment Company (ATIC) plans to spend $2 to $3bn this year in capacity expansion as it eyes a larger share of the global contract chip industry.
Chief Executive Ibrahim Ajami told Reuters on Monday that ATIC's stake in Global Foundries, a US-headquartered semiconductor manufacturing company and joint venture with Advanced Micro Devices Inc, would increase to 70 percent soon as part of plans to take over the stake from AMD.
"ATIC's stake now is 68 percent. It will go up to 70 percent in two to three months," he told Reuters by telephone.
Global Foundries was set up in March 2009 as the world's first full service semi-conductor foundry when AMD spun off its manufacturing arm into a new firm with ATIC.