Mubadala Investment sells shares in AMD

The Abu Dhabi investment company sold 3.9 per cent of its shares in the US semiconductor company

Mubadala Investment sells shares of US semiconductor company. Stephen Lock / The National

Mubadala Investment sold shares in the American semiconductor company, Advanced Micro Devices (AMD), the company said on Friday.

The Abu Dhabi investment firm sold 40 million common equity shares, amounting to 3.9 per cent of the outstanding shares. Mubadala did not disclose the financial details of the transaction.

Mubadala remains the largest shareholder in AMD with shares representing nearly 13 per cent ownership. Brian Lott, Mubadala spokesman, said that the sale was in line with the company’s strategy to optimise shareholding in certain areas while monetising at the “appropriate time”.

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“We continue to believe strongly in AMD and are confident in the management team’s ability to execute against its technology and product roadmaps,” he said.