Mubadala sells $600m-plus worth of shares in computer company AMD

Mubadala has sold shares worth more than US$600 million in the California-based semiconductor company AMD as the Abu Dhabi-based company presses ahead with a strategy of capitalising on long-term investments.

According to a market filing on Saturday, Mubadala sold shares worth $613.4m on the public market in the Nasdaq-listed multinational known for developing computer processors and related technologies.

Mubadala said the sale equated to 45 million AMD shares – nearly a third of the UAE company’s 142 million shareholding.

The company said it planned to hold the remaining 97 million shares it owns in AMD, meaning even after the sale it will remain its largest single shareholder.

It is followed by the US-based asset management company BlackRock, which currently owns an 8.69 per cent stake.

AMD, formerly known as Advanced Micro Devices, is the second largest supplier in the world of standard computer microprocessors after its main rival Intel.

Mubadala first invested in AMD back in 2007. The company said that it had decided to realise some of its investment in the company and would use the cash for further opportunistic investment.

Shares in AMD fell 7.09 per cent on Friday after falling 6.26 per cent on Thursday, marking a sharp dip at the end of a bull run for the stock which has continued since the end of last year and reached a 10-year high on Tuesday. Analysts put the decline down to a poor review of the company’s Ryzen 7 chip.

“This is in line with our strategy, as a long-term investor, to monetise certain assets at a time of significant gain in value. We continue to believe strongly in AMD and remain a significant shareholder in the company,” said Brian Lott, a spokesman at Mubadala Development Company.

lbarnard@thenational.ae

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Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

Last 10 winners of African Footballer of the Year

2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)

Strait of Hormuz

Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.

The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.

Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.

Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.