Abu Dhabi's ATIC to raise stake in AMD

Ibrahim Ajami, chief executive of Abu Dhabi government-owned Advanced Technology Investment Co has unveiled plans to raise the firm's stake in Global Foundries to 70% soon, as part of its plans to take over the entire AMD stake in the chip maker, Reuters has reported. 'ATIC's stake now is 68%. It will go up to 70% in two to three months,' Ajami told the news service, adding that ATIC plans to buy the rest stake through a capital call process over a period of three to four years. 'The intent is to make sure that Global Foundries is well capitalised and AMD is a buyable player,' he said.