Newbridge Asia takes over AMT

JAKARTA (JP): Private equity company Newbridge Asia announced on Monday that it had signed an agreement to acquire 100 percent of the shares of PT Astra Microtronics Technology (AMT), a subsidiary of publicly listed PT Astra International and PT Astra Graphia, for US$90 million.

Newbridge Capital Southeast Asia managing director Bien Kiat Tan said that Newbridge's investment reflected the company's confidence in Indonesia's economy and the country's long-term growth prospects.

"Despite the current downturn in the semiconductor industry, we are very excited about the long-term growth prospects of AMT," Tan said.

"AMT's Indonesian employees have demonstrated their ability to produce world-class products in the high-technology field of semiconductor manufacturing."

He cited that AMT's strong management team and workforce of 3,600 highly-trained employees and Newbridge's capital backing as key strengths to enable the company to continue expanding aggressively.

Based in Pleasanton, California, and Batam Island, AMT claims to be one of the world's leading providers of subcontract assembly and test services to the global semiconductor industry.

AMT Indonesia was established in 1991.

The export-oriented company produces semiconductor products on a subcontractor basis in the fields of integrated circuit assembly and final test services.

AMT's revenues have grown about 30 percent over the last three years and are on track for a similar record this year.

AMT's customer base includes large integrated circuit manufacturers and its sales revenues are denominated entirely in U.S dollars.

Newbridge is an emerging markets equity firm backed by two well-known U.S investment groups, Texas Pacific Group and Richard C. Blum and Associates (RCBA).

It currently manages approximately $800 million of investment Southeast Asian, North Asia, Latin America and the Andean Region. (gis)