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DEALS AND OPERATIONS

published SEPTEMBER 06, 2010, 20:15
Slaughter and May advised SMIC on US$100 million placing and US$100 million issue of new shares to Datang

Slaughter and May advised Semiconductor Manufacturing International Corporation (“SMIC”) in relation to the placing of new shares, raising approximately HK$780 million (US$100 million). The placing is pursuant to the general mandate that was granted to the directors by its shareholders at its annual general meeting held on 3 June 2010 and was announced on 8 July 2010. The proceeds of the placing will be used for the group’s capacity expansion.
Slaughter and May also advised SMIC in relation to the issue of additional new ordinary shares under a special mandate to Datang Telecom Technology & Industry Holdings Co., Ltd. (“Datang”) for a total consideration of US$100 million. The issue of new shares is partly pursuant to Datang's right of pre-emption under a share purchase agreement with SMIC dated 6 November 2008, which gives Datang the right to subscribe for a pro rata portion of shares so that its shareholding in SMIC is not diluted by SMIC's above placing. In addition, Datang has agreed to subscribe for further shares in SMIC at the same price as the share placing.
SMIC is principally engaged in semiconductor manufacturing and sales and is listed on the Hong Kong Stock Exchange and the NYSE. SMIC is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China.
Datang is a subsidiary of Datang Telecom Technology & Industry Group. It is mainly engaged in the core business of TD-SCDMA third generation (3-G) mobile telecommunication, wireless access and integrated circuit design. Datang has experience in technology development and innovation in mobile telecommunication and chip design, and has developed a series of telecommunication products of advance domestic and international standards. It is one of the leading forces in technology innovation in the PRC.
Benita Yu (partner), Jason Webber (partner), Vanessa Cheung (associate), Joanna Lee (associate), Silvia Wong (associate)

 


 

 

 

 


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