Intel (INTC) will invest an additional 860 million ringgit ($208 million) in Malaysia to expand its assembly and testing operations, Malaysian Prime Minister Anwar Ibrahim said.
The commitment was made during Anwar’s meeting with Intel CEO Lip-Bu Tan on Monday, the prime minister said in a Facebook post. He added that Intel’s decision reflects the company’s confidence in Malaysia’s long-term strategy.
Anwar noted that Intel already has a significant footprint in Malaysia, including a 12 billion ringgit advanced packaging facility in Penang that is now 99% complete. The company had also pledged $7 billion in 2021 to build another site in the state.
INTC shares were up 0.9% premarket on Tuesday.