Mi Technovation to invest RM142mil in China's semiconductor market


KUALA LUMPUR: MI Technovation Bhd's wholly owned subsidiary, Mi Semiconductor Pte Ltd (MiSE Singapore), has entered into a US$30 million (RM142 million) investment agreement with Xiaoshan Economic and Technological Development Zone Administration Committee.

The investment involves research and development (R&D) and manufacturing facilities for power modules and devices in Xiaoshan, Hangzhou City, the company said in a Bursa Malaysia filing today.

According to the agreement terms, MiSE Singapore will invest the proposed sum in its subsidiary Mi Semiconductor (Hangzhou) Co. Ltd, which has a core R&D team consisting of graduates from renowned universities, and its key management team are experienced members from leading multinational companies in Europe, the United States and Taiwan.

"The proposed investment represents a strategic business collaboration between MiSE Singapore and Xi'an and Hangzhou cities' remarkable and influential intellectual groups.

"This will enable the semiconductor solution business unit to be involved in the China domestic ecosystem, namely the semiconductor wide bandgap in the renewal energy segment," the filing said.

The board foresees that the global wide bandgap semiconductor market is expected to witness

unprecedented growth for the next 10 years as industries look for energy-efficient and high-performance electronics.

The proposed investment sum will be funded through internally generated funds and the first production line is expected to commence operation by the end-2024. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Mi Technovation , semiconductor

   

Next In Business News

UK inflation returns to target for first time since 2021
Asia stocks boosted by tech rally, Fed rate cut wagers
Companies crave fresh data to train AI models. This startup’s recipe? Data made from scratch – by AI
Scientex Packaging posts flattish 3Q net earnings of RM10.02mil
Top Glove returns to the black in 3Q
FBM KLCI falls as investors take profit
Linda Yaccarino shares her biggest moment of imposter syndrome from her last year running Elon Musk’s X
TA Securities sets 55 sen fair value for Go Hub Capital
KTI Landmark opens unchanged at IPO price of 30 sen
Ringgit gains against US$ in early trade

Others Also Read