Abu Dhabi – Mubasher: Mubadala Investment company on Tuesday announced that it has sold its 34.9 million shares in US chipmaker Advanced Micro Devices (AMD).

The strategic investment arm of Abu Dhabi sold its stake for $800 million, with plans to covert 75 million shares warrants in the company, representing around 6.9% stake in the California-based firm, Mubadala said in a statement.

“Today’s transaction remains in line with Mubadala’s overall investment strategy to monetise mature holdings to deliver attractive commercial returns,” Brian Lott, spokesman of Mubadala, said.

He added that Mubadala has a strong long-standing relationship with AMD over the previous 10 years, and remain among the company’s top shareholders.

“We are proud of our partnership with AMD and are confident in the management team’s ability to execute against their technology roadmap and deliver innovative products to the market,” Lott added.

It is worth mentioning that Mubadala has over $220 billion in assets under management and seeks new opportunities in emerging high-growth sectors, such as technology, in a bid to reduce dependence on oil wealth and maximise returns in a competitive environment.