Manufacturing Integration Technology to sell semicon business

Singapore

MANUFACTURING Integration Technology is looking to dispose of its semiconductor business for an estimated price of S$84.5 million and focus its energies on contract equipment manufacturing and customised automation as its core business.

It announced on Wednesday in a Singapore Exchange filing that it had entered into a share purchase agreement with Ningbo MIT Semiconductor Company for its entire shareholding interest in its wholly-owned unit, MIT Semiconductor. The purchaser is a nominee vehicle of CFTC, a China-based private equity fund management company founded by Semiconductor Manufacturing International Corporation.