Mubadala sells stake in Advanced Micro Devices for $613.4 mn

Mubadala Development Co, the sovereign wealth fund of the Government of Abu Dhabi, has sold nearly a third of its stake in micro chip maker Advanced Micro Devices (AMD), for around $613 million.

Mubadala sold 45 million shares worth $613.4 million in the open market in the Nasdaq-listed AMD.

Mubadala said it planned to hold the remaining 97 million shares in AMD, staying on as its largest single shareholder.

Mubadala, which has a portfolio of assets worth $63.5 billion, had purchased AMD shares for $608 million in 2007.

The company said that it had decided to realise some of its investment in AMD and would use the cash for further opportunistic investment.

"This is in line with our strategy, as a long-term investor, to monetise certain assets at a time of significant gain in value. We continue to believe strongly in AMD and remain a significant shareholder in the company," said Brian Lott, a spokesman for Mubadala.

AMD, formerly known as Advanced Micro Devices, is the world's second-largest supplier of standard computer microprocessors after Intel, and the third largest supplier of graphics processing units.

AMD's server computing products are focused on driving industry-leading cloud computing and virtualization environments. Its graphics technologies are found in a variety of solutions ranging from game consoles to personal computers and supercomputers.