INTRODUCTION

Almost there! After a long and extended series of negotiations spanning over 6 months, Manufacturing Integration Technology (MIT) announced yesterday that it has entered into a conditional share purchase agreement with Ningbo MIT Semiconductor Company Limited. The latter is ultimately, a China Fortune-Tech Capital Co., Ltd’s (CFTC) designated nominee. CFTC was incorporated in February 2014 in Shanghai, China by Semiconductor Manufacturing International Corporation (SMIC) and other investment associates as part of the nation’s drive to become a key semiconductor hub and reduce reliance on imports.

As part of the agreement, MIT will dissolve its entire shareholding interest in MIT Semiconductor Pte Ltd, a wholly-owned subsidiary, and its subsidiaries namely, i.PAC Manufacturing Pte Ltd and Generic Power Pte Ltd. These subsidiaries are engaged in the semiconductor and related businesses. Following the disposal, MIT will focus on its contract equipment manufacturing and customised automation thereafter.

Headquartered in Singapore, MIT ...