EQUVO Celebrates 3rd Anniversary with a US$100 Million Quarter
2012-05-11
Singapore, April 2012: EQUVO recently closed the first quarter with over US$ 100million of lease financing originated. This included a lease transaction it recently closed with Micron Semiconductor Asia (MSA) in Singapore backed by five Taiwanese banks: Far Eastern International Bank, Chinatrust Commercial Bank, Taishin International Bank, EnTie Commercial Bank and Cosmos Bank. The US$ 60 million lease for Micron was signed and funded in the first quarter of 2012 for 300mm equipment.
Mr. Philippe Morali, Vice-President, Finance & Treasurer for Micron Technology, Inc. says: "We are very pleased with the results of this complex cross-border lease structure with the Taiwanese banks and with EQUVO as the lessor. Throughout the process, the Taiwanese banks have demonstrated unparalleled understanding of, and commitment to, the semiconductor industry and Micron, and have taken a long-term, strategic view to the relationship. As Micron's manufacturing footprint continues to grow in Asia, we look forward to working closely with local capital markets and financial institutions for our future financing needs."
The spokesman for Far Eastern International Bank, Mr. JJ Lin, Group Executive Vice-President says, "This transaction spans across the US, Singapore, Hong Kong and Taiwan. In spite of a highly volatile memory market, the banks worked closely together to see through the transaction because we believe Micron is a strong memory player with a diversified product range (NAND-Flash, DRAM, NOR-Flash, etc.), advanced technology know-how, prudent financial policies, stable cash flow management and a good operating foundation."
CEO of EQUVO, Mr Melvin Low remarks: "Micron has placed their trust in our young humble little company. Our team work hard to constantly fulfill their needs and exceed their expectations. As I understand Singapore is now their largest manufacturing location worldwide."
"EQUVO just celebrated its 3rd anniversary in February. Having our lease volume exceed US$100 million that quarter in is a nice present for the company. To date, EQUVO has originated close to US$350 million in lease financing and sold over 1000 pieces of used semiconductor equipment.", he adds.
About EQUVO
EQUVO Pte Ltd, headquartered in Singapore, provides lease financing, equipment management and services for the semiconductor and related industries. It has offices in Singapore, Taiwan and Japan, registered entities in Hong Kong and Korea and a rep office in San Diego, USA. Press contact: winnie.chin@equvo.com.
