SINGAPORE - The Competition Commission of Singapore (CCS) said on Friday (May 12) that it has approved the proposed acquisition of a 51 per cent stake in LG Siltron Inc by SK Holdings Co.

It concluded, after a review, that there are no "horizontal overlapping goods or services" sold by both parties globally, including in Singapore.

"The proposed transaction, if carried into effect, will not lead to a substantial lessening of competition in the supply of silicon wafers, supply of dynamic random access memory (DRAMs) and supply of NAND flash memory within Singapore," it noted in a statement.

SK Holdings is a holding company of the SK group and does not have any direct business interests in the semiconductor industry, although a unit within SK group - SK Hynix - manufactures and sell semiconductors such as DRAMs and NAND flash memory products.

The CCS noted, however, LG Siltron's principal business is in manufacturing and sale of silicon wafers and does not make or sell DRAMs and NAND flash memory products .

Such flash memory products are used for data storage.

The proposed transaction is still under review by competition authorities in Korea, Taiwan and China as of May 12.

Apart from the CCS, the Japan Fair Trade Commission has also announced that it would not oppose the deal.