Benzinga | Dec 13, 2021 06:00AM EST

Intel To Invest $7B In Malaysia Chip Plant

* Intel Corp (NASDAQ:INTC) will invest 30 billion ringgit ($7 billion) in expanding its manufacturing capabilities in advanced semiconductor packaging technology in Penang, Malaysia, Bloomberg reports.

* The addition of advanced packaging capabilities to Intel's operations in Malaysia will amplify its supporting activities and global service center.

* Intel CEO Patrick Paul Gelsinger, Malaysia's Trade Minister Azmin Ali, and Malaysian Investment Development Authority CEO Arham Abdul Rahman will attend a press conference on investment on December 15 at the Kuala Lumpur International Airport.

* The investment will position Malaysia as critical manufacturing and shared services hub.

* Price Action: INTC shares traded higher by 0.43% at $50.81 in the premarket session on the last check Monday.