AEM Holdings is raising $103.1 million by placing out 26.8 million new shares at $3.8477 each to Temasek Holdings.
The company, one of the better performing stocks within the local tech sector, plans to use the proceeds to further boost its next generation testing capabilities, deepening research & development to accelerate product portfolio expansion, as well as to fund its mergers and acquisitions plan.
The number of shares to be issued represents around 9.5% of the company’s share base now.
Russell Tham (picture), joint head, enterprise development group and joint head, strategic development at Temasek, has been nominated to AEM’s board.
For more than 24 years, Tham was at Applied Materials, a leading provider of capital equipment to the semiconductor industry.
"As a global technology company based in Singapore, it is extremely meaningful to have Temasek come on board as a new investor at this juncture in our journey,” says AEM’s chairman Loke Wai San.
“At a time of significant change and opportunity in the semiconductor industry, the backing by a globally connected investor such as Temasek allows AEM to lean more purposefully into our growth plans,” he says.
“The Board of Directors at AEM looks forward to working with Russell and tapping on his vast industry experience,” adds Loke.