(Nikkei BP Group)
(No.1 High-Tech News Site in Japanese)
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| Anam Semicon to Sell US$600M in Assets to Reduce Debt
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September 24, 1998 (SEOUL) -- The world's largest semiconductor assembler,
Anam Semiconductor Co., said it will sign a contract with Solomon Smith
Barney and BankBoston to sell US$600 million worth of plant facilities
to foreign investors.
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The move is part of Anam's efforts to secure a total US$2.5 billion won
in a bid to reduce its outstanding debts.
The company said it plans to sell four chip packaging plants for US$1.95
billion and its non-memory chip production plant for US$600 million,
a company spokesman said.
As part of Anam's plan to regain financial stability, the company plans
to sell more assets to reduce its debt rather than trying to raise foreign
capital.
The company had a debt-to-equity ratio of 1,498.5 percent at the beginning
of this year, the third highest among Korea's top 30 conglomerates.
Anam needs to raise as much as US$2.5 billion to reduce its debt to the
government-required level of 200 percent by the end of next year.
(Maeil Business Newspaper, Korea)
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