Silterra Sdn Bhd factory kulim KUALA LUMPUR: Khazanah Nasional Bhd has accepted the bid by Dagang Nexchange Bhd (DNeX) to acquire the entire stake of its loss-making wafer foundry Silterra Sdn Bhd but the question remains is the price tag. In a statement to Bursa Malaysia, DNeX said the national sovereign wealth fund had accepted the bid last Friday. “Acceptance of the bid is still subject to strict confidentiality with Khazanah and no further details of the bid can be publicly disclosed until the signing of the definitive agreement, ” it said. DNeX said it would make the necessary announcements on a timely basis in accordance with the Listing Requirements when there is any material development or when the definitive agreement has been entered into. StarBizWeek reported that DNeX was the frontrunner for Silterra but it was asked to match the bid price of Nuglobal Ventures Sdn Bhd (NGV). Khazanah had earlier opened up the bid for Silterra to foreign investors, which attracted global giants such as Taiwanese semiconductor manufacturer Foxconn and German-based semiconductor foundry X-Fab. Foxconn was said to have ascribed an enterprise value of US$125mil, of which it would pay US$87.5mil for a 70% stake while X-Fab put in an offer of US$70mil. Initial reports had pegged NGV’s offer at RM273mil. However, sources said the firm had made a second offer up to the tune of RM336mil, with a request to facilitate a more flexible equity condition in the future. This also assumes all the debts and liabilities of Silterra. StarBizWeek reported it is possible that Khazanah may insist on the RM336mil price tag, considering the former is under pressure to sell the fiercely-fought-after Silterra to the highest bidder so as to avoid any concerns of favouring one party over another.
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