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CHARTERED ANNOUNCES COMPLETION OF RIGHTS OFFERING
SINGAPORE
- October 8, 2002 - Chartered Semiconductor Manufacturing
(Nasdaq: CHRT and SGX-ST: CHARTERED) today announced it
has closed its eight-for-ten rights offering on October
7, 2002 and that it expects to issue a total of approximately
1,109.6 million new ordinary shares. As expected, gross
proceeds from the offering were approximately S$1,110
million. At the current exchange rate of US$1.00 to S$1.79,
this translates to approximately US$620 million.
As of the close of the Rights Offering, a total of approximately
716.4 million new ordinary shares (directly or in the
form of ADSs), representing approximately 64.6 percent
of the total number of approximately 1,109.9 million new
ordinary shares offered under the Rights Offering, were
subscribed for an aggregate subscription price of approximately
US$400 million (approximately S$716 million). These subscriptions
consist of:
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Acceptances
for a total of approximately 715.1 million new ordinary
shares pursuant to the exercise of primary ordinary
share rights; and |
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Applications
for a total of approximately 1.4 million new ordinary
shares pursuant to the exercise of secondary ordinary
share rights. |
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Included in the above are subscriptions by Singapore Technologies
Pte Ltd and Singapore Technologies Semiconductors Pte
Ltd, Chartered's two largest shareholders, for a total
of approximately 671.3 million new ordinary shares, representing
approximately 60.5 percent. of the total number of new
ordinary shares offered under the Rights Offering, for
an aggregate subscription price of approximately US$375
million (approximately S$ 671 million) pursuant to their
pre-commitments to the Company.
Merrill Lynch (Singapore) Pte. Ltd. will purchase a total
of approximately 393.2 million unsubscribed new ordinary
shares, representing approximately 35.4 percent. of the
total number of new ordinary shares offered under the
Rights Offering, for an aggregate purchase price of approximately
US$220 million (approximately S$393 million).
As part of the Rights Offering, approximately 259,000
rights, representing approximately 0.02 percent. of the
total number of new ordinary shares offered under the
Rights Offering, were allocated in respect of ordinary
shares (directly or in the form of ADSs) issued between
September 1, 2002 and the ordinary share books closure
date and the ADS record date, as the case may be. Not
all of the new ordinary shares underlying these rights
are subscribed for as of the close of the Rights Offering.
Definitive ADS Subscription Price
The Company further announces that the definitive subscription
price per new ADS is US$5.58 (which is the U.S. dollar
equivalent of the ordinary share subscription price of
S$1.00, multiplied by ten, based on the noon-buying rate
in New York for cable transfers in Singapore dollars as
certified for customs purposes by the Federal Reserve
Bank of New York on October 7, 2002, the close of the
Rights Offering).
As the Definitive ADS Subscription Price is lower than
the US$6.00 per ADS exercise price that each exercising
ADS holder has paid to Citibank, N.A., the ADS rights
agent, on subscription or application (to account for
possible exchange rate fluctuations), the ADS rights agent
will refund as soon as possible the aggregate excess in
U.S. dollars to each relevant ADS holder, without interest
arising therefrom.
Delivery and Listing of Shares
The Company expects to allot, issue and deliver a
total of approximately 1,109.6 million new ordinary shares
subscribed for pursuant to the Rights Offering and to
receive the aggregate net proceeds of approximately US$612
million (approximately S$1,095 million) in respect of
such new ordinary shares on or about October 10, 2002.
The Company further expects that the new ordinary
shares will be listed and quoted on the Singapore Exchange
Securities Trading Limited with effect from 9.00 a.m.
(Singapore time) on October 11, 2002 and the new ADSs
will be listed and quoted on NASDAQ National Market with
effect from 9.00 a.m. (New York City time) on October
11, 2002.
About Chartered
Chartered Semiconductor Manufacturing, one of the
world's top three silicon foundries, is forging a customized
approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In
Singapore, Chartered operates five fabrication facilities
and has a sixth fab in the process of being developed
as a 300mm facility.
A company with both global presence and perspective,
Chartered is traded on both the Nasdaq Stock Market (Nasdaq:
CHRT) and on the Singapore Exchange (SGX-ST: CHARTERED).
Chartered's 4,000 employees are based at 12 locations
around the world. Information about Chartered can be found
at www.charteredsemi.com.
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