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Technology Stocks : STTSV - St Assembly Test Services

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To: westpacific who wrote ()1/29/2000 1:46:00 AM
From: westpacific   of 1
Looks hot - 3mos. $65M revs.
St Assembly Climbs After ADR Offering
NEW YORK (Reuters) - Singapore's ST Assembly Test Services (NasdaqNM:STTS - news) (NasdaqNM:STTS - news) Ltd. ADRs, or American Depositary Receipts, was among the top of the percent gainer leaders on Nasdaq after its global ADR offering raised a total of $357 million.

Shares of the company, which provides a range of semiconductor test and assembly services to communications semiconductors, climbed 20 1/4 to 41 1/4, or nearly 100 percent, after its $21 per ADR offering.

The Singapore company priced a total of 17 million ADRs, with 10.2 million offered in the United States, above its upwardly revised price range of $18-20.

Analysts noted that valuations in this sector have been very favorable amid the revival of semiconductor demand. They had expected a strong showing for this deal given the strength of the communications chip segment sector.

ST Assembly is 74.5 percent owned by Singapore Technologies and EBDI, the investment arm of the Singapore government agency Economic Development Board, owns about 5 percent of the company.

For the three months ended December 31, 1999, it posted net revenues of $65.1 million and a net loss of $3.7 million.

Each ADR is equivalent to ten ordinary shares.

Its customers include Broadcom Corp. (NasdaqNM:BRCM - news) and Chartered Semiconductor (NasdaqNM:CHRT - news). Competitors include Amkor Technology (NasdaqNM:AMKR - news) and ASE Test Ltd. (NasdaqNM:ASTSF - news)
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