ASM Pacific Technology Limited, Wise Road Capital Ltd, Asia-IO Capital Management Limited Announce Strategic Joint Venture to Accelerate its Materials Business
July 28, 2020
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ASM Pacific Technology Limited has announced that it reached an agreement to form a Strategic Joint Venture (SJV) involving its Materials segment with key partners. Mr. Ng added that ASMPT had undertaken a rigorous process to identify suitable strategic partners to help accelerate the business growth of its Materials segment. The SJV partners, namely Wise Road Capital Ltd. ("Wise Road"), Asia-IO Capital Management Limited ("Asia-IO") and ASMPT, will collectively guide the management and development of the SJV. The SJV is expected to begin operating by the end of the year 2020. In the meantime, ASMPT's Materials segment will continue its business, with the management team, operations, expansion plans and product development unchanged. When the SJV begins operation, it will operate as an independent business under the auspices of the SJV partners, tapping the deep and complementary network and market experience of Wise Road and Asia IO to help extend and solidify its leadership position in the lead frame market. ASMPT will hold a minority equity interest in the SJV amounting to 44.44%, while Wise Road and Asia-IO will collectively hold a controlling interest of 55.56% through their designated investment vehicles. The financials of the SJV will be equity accounted by the Group once the SJV begins operating.
ASMPT Ltd, formerly ASM Pacific Technology Ltd, is an investment holding company principally engaged in the manufacture of machines and tools used in semiconductor and electronic assembly industries. The Company operates its business through two segments. The Semiconductor Solution segment is principally engaged in the development, production and sale of back-end equipment. Its products include CMOS image sensors (CISs), automated optical inspection tools, industrial Internet of Things (IoT), advanced packaging tools, bonders, light-emitting diode (LED) equipment and test handlers, among others. The Surface Mount Technology (SMT) Solution segment is principally engaged in the provision of SMT solutions. The Company operates businesses in the United Kingdom, Singapore and Malaysia, among others.
ASM Pacific Technology Limited, Wise Road Capital Ltd, Asia-IO Capital Management Limited Announce Strategic Joint Venture to Accelerate its Materials Business