Chartered Semiconductor plans to raise US$300m through rights offering

Shares of Chartered Semiconductor Manufacturing were suspended from trade Monday pending an announcement. Reports said Chartered is planning to raise about US$300 million through a rights offering to boost its capital base. Citigroup, Deutsche Bank AG and Morgan Stanley were said to be working with Chartered on the offering, the fourth since late last year. Singapore’s investment company Temasek Holdings owns 59 per cent of Chartered. Chartered, the world's third-largest chip maker, had been hit by a supply glut and falling chip prices. It had forecast a record loss in its fiscal first quarter. Chartered had also said it would lay off 600 employees, taking its total job cuts to 1,300 positions, or 18 per cent of its workforce.