CHIP maker Chartered Semiconductor Manufacturing on Friday denied a report that it had received a bid from Abu Dhabi's Advanced Technology Investment Company (ATIC), valuing the company at $2.45 billion.
Speculation on such a bid had driven Chartered shares up 18 cents - or 7.39 per cent - on Thursday to $2.18.
The Business Times on Friday reported that it understood the firm 'had received a bid from ATIC, to buy Temasek Holdings' stake at between $2.40 and $2.60 a share'.
In a statement issued to the Singapore Exchange on Friday morning, Chartered referred to the Business Times report, and stated that it 'wishes to clarify that it has not received such a bid from ATIC.'
'From time to time, Chartered engages various parties in discussions to pursue business opportunities or concerning the strategic direction of the company,' it added.
'Shareholders are.. advised to exercise caution when dealing in their shares in Chartered,' said the firm.
Temasek declined to comment on what it called 'rumours.'
The stock has gained 85 per cent this year, compared to The Straits Times Index which has advanced 32 percent in 2009.
Its stock was trading at around $2.23 at 3pm on Friday.
It also raised about US$300 million from a rights issue it announced in March.
According to its website, ATIC is a technology investment company set up by the Abu Dhabi government last year to have a 'diverse local and international portfolio of highly profitable investments in the advanced technology' industry.
Chartered posted a net loss of $98.8 million in the quarter ended March 31 and said last month it will probably report a deficit in the current period.
