Temasek unit accepts JCET's offer for STATS ChipPAC

Singapore

FRIDAY was a busy day for mainboard-listed STATS ChipPAC with the company announcing that its majority shareholder, Singapore Technologies Semiconductors Pte Ltd (STSPL), has accepted a final cash offer from a consortium led by China's Jiangsu Changjiang Electronics Technology Co (JCET) to buy out the company with the intention of taking it private.

It also announced the exit of two senior officials: Dennis Chia, chief financial officer; and Janet Taylor, senior vice-president, general counsel and company secretary. Mr Chia will be leaving on July 3, and Ms Taylor on July 8.