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Technology Stocks : Amkor Technology Inc (AMKR) -- Ignore unavailable to you. Want to Upgrade?

To: Artslaw who wrote (986)	7/10/2002 7:40:45 AM
From: Jim Oravetz	Read Replies (2) \| Respond to of 1056

Amkor to Sell Partial Stake in Anam Semiconductor; Proceeds to Repay Bank Term Loan July 10, 2002-Amkor Technology, Inc. today announced that it has signed a purchase agreement with Dongbu Group under which Dongbu would purchase from Amkor 20 million shares of common stock of Anam Semiconductor, Inc. The transaction should be finalized within the next 60 days and is subject to completion of certain closing conditions. Dongbu Group's holdings include Dongbu Electronics, a privately held wafer foundry specializing in advanced CMOS processing for logic, mixed-signal, embedded flash, image sensor, and system-on-chip designs. Upon completion of this transaction Amkor intends to repay the entire $97 million term loan under its secured bank credit agreement. The $100 million revolver will remain in place. Amkor also confirmed that Dongbu has agreed to acquire 12 million newly issued shares of ASI. With these transactions, Amkor's ownership interest in Anam Semiconductor will be reduced to approximately 22%. "Amkor obtained its ownership interest in ASI during 1999 and 2000 in connection with the acquisition of ASI's semiconductor assembly factories. We have indicated for some time our commitment to reducing Amkor's ownership interest in ASI in order to delever the balance sheet and focus on our core business of assembly and test. This transaction is a step in that direction," said James Kim, Amkor's Chairman and Chief Executive Officer. Amkor is the world's largest provider of contract microelectronics assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing services.