SHANGHAI, CHINA: Semiconductor Manufacturing International Corp. released the following statement:
Gary Tseng, CFO, said: "Based on our current five year business expansion plan to become a $5 billion foundry, SMIC would need to spend approximately $12 billion to increase its manufacturing capacity during the next several years. The majority of such funding would come from internally generated cash. The remaining funds may come from long term bank loans, and/or outside equity investment.
"Please note that this is just a plan based on the Company's position today, and the actual amount to be spent on capital expansion may vary based, among other things, on market conditions, the company's business plans and customer needs."
Wednesday, March 16, 2011
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