Dutch parent sells ASM Pacific block post blackout

ASM International raised $270 million and cut its stake to about 34.2% from 39.1% after its Hong Kong-listed unit posted strong quarterly results.

ASM International ASMI lost little time in raising $2.1 billion $270 million from the sale of a 4.9% stake in its Hong Kong-listed subsidiary ASM Pacific Technology late Monday, just two trading days after the unit announced stellar results for the first three months of the year.

The block sale of shares in ASM Pacific was conducted after the world’s largest maker of semiconductor assembly and packaging equipment reported a first-quarter net profit of HK$736 million $94.5 million, 450% more than a year earlier and 90% higher on a quarterly basis. Its gross margin also improved by 2.3 percentage points from the end of last...

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