Israeli wafer manufacturer Tower Semiconductor Ltd. received a $41.07 million installment, part of the $305 million investment committed to the Fab 2 project by its partners. According to the agreement, $13.2 million of the installment has been established as a credit to be applied mainly against future wafer purchases from Fab 2 production.
In connection with the installment, Tower's partners received a total of4.52 million additional Tower shares. SanDisk, Alliance Semiconductor and Macronix each received about 1.1 million shares, with Israel Corporation Technologies getting 1.2 million and the Challenge Fund getting 119,047 shares.
The installment, which was originally related to the project's third milestone completion, was advanced as part of the amendment to investment agreements, recently approved by Tower shareholders. Tower's Fab 2 partners agreed to make their third and fourth Fab 2 milestone payments before the achievement of the milestones.
The wafer foundry, which has about 25 million shares outstanding, said the partners have invested a total of $212.3 million to date, of which $181.2 million has been credited to paid-in capital against the issuance of 16.5 million ordinary shares and $31.1 million of credits to be applied mainly against future wafer purchases from Fab 2 production. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
