Semiconductor Manufacturing International Corporation (0981) said it plans to acquire the remaining 49 percent stake in a subsidiary by issuing A shares.
The Chinese semiconductor giant has agreed to buy the stake in Semiconductor Manufacturing North China (Beijing) Corporation, which provides 12-inch integrated circuit wafer foundry services and supporting services, according to a filing on Monday.
The vendors include China IC Fund, Semi Investment Center, E-Town Capital, ZGC Development and Beijing Industrial Development.
The final consideration will be determined after negotiations between the parties, with reference to the valuation report to be issued by a jointly agreed asset appraisal institution, it said.
The new shares will be priced at 74.2 yuan (HK$81.1), representing not less than 80 percent of the average trading price of 92.75 yuan for the 120 trading days prior to the pricing benchmark date.
SMIC said the proposed acquisition is conducive to further improving its asset quality, strengthening business synergies, and promoting its long-term development.
