<PAGE> 1
FOR IMMEDIATE RELEASE
CORPORATE RELEASE
-----------------
STATS APPOINTS NEW BOARD DIRECTOR
TENG CHEONG KWEE JOINS AS NON-EXECUTIVE DIRECTOR
AND MEMBER OF AUDIT COMMITTEE
SINGAPORE, DECEMBER 19, 2000 -- ST Assembly Test Services ("STATS" -- Nasdaq:
STTS, SGX: ST Assembly) announced the appointment of Teng Cheong Kwee to its
Board of Directors and Audit Committee, effective January 1, 2001.
Teng has long experience in the Singapore financial industry, having served in
various senior positions with The Monetary Authority of Singapore from 1982 to
1988 and The Singapore Exchange Limited from 1989 to 2000. He received his
Bachelor of Commerce and Bachelor of Engineering (Industrial) with First Class
Honours from the University of Newcastle, Australia.
Said Tan Bock Seng, STATS Chairman and Chief Executive Officer, "We are very
pleased that Cheong Kwee has agreed to join STATS as a Board member. He brings
with him extensive understanding of financial and regulatory matters and we look
forward to his contributions to the Board."
Teng replaces Sum Soon Lim who will relinquish his position as non-Executive
Director and Chairman and member of the Audit Committee of STATS. The Board and
management of STATS wish to acknowledge the significant contributions that Sum
has made to STATS during his tenure. His insights and leadership of the Audit
Committee will be missed.
Koh Beng Seng, currently non-Executive Director and an independent member of the
Audit Committee, takes over as the new Chairman of the Audit Committee.
<PAGE> 2
ABOUT ST ASSEMBLY TEST SERVICES LTD. (STATS)
ST Assembly Test Services ("STATS" -- NNM: STTS and SGX: ST Assembly), is a
leading semiconductor test and assembly service provider to fabless companies,
integrated device manufacturers and wafer foundries. With its principal
operations in Singapore and global operations in the United States, United
Kingdom, Japan and Taiwan, STATS offers full back-end turnkey solutions to
customers worldwide. STATS' expertise is in testing mixed-signal semiconductors
which are extensively used in fast growing communications applications such as
data networking, broadband and mobile communications. STATS also offers advanced
assembly services and has developed a wide array of traditional and advanced
leadframe and laminate based products, including various ball grid array
packages to serve some of the world's technological leaders. STATS was listed on
the Nasdaq National Market and The Singapore Exchange in January 2000. Further
information is available at www.stats.com.sg or www.statsus.com.
Certain of the statements in this press release are forward-looking statements,
that involve a number of risks and uncertainties which could cause actual
results to differ materially. Factors that could cause actual results to differ
include: general business and economic conditions and the state of the
semiconductor industry; demand for end-use applications products such as
communications equipment and personal computers; decisions by customers to
discontinue outsourcing of test and assembly services; changes in customer order
patterns; rescheduling or cancellation of customer orders; changes in product
mix; capacity utilization; level of competition; pricing pressures; continued
success in technological innovation; delays in acquiring or installing new
equipment; litigation and other risks described from time-to-time in the
Company's SEC filings, including its annual report on Form 20-F dated March 30,
2000. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
MEDIA CONTACTS:
Lim Beng See Lisa Lavin
Director, Corporate Communications Manager, Marketing
Tel: 65-7511111, Tel: 208-9384557,
Fax: 65-7555431 Fax: 888-3907499
email: [email protected] email: [email protected]
INVESTOR CONTACTS:
Drew Davies Elaine Ang
Director, Investor Relations Manager, Investor Relations
Tel: (408) 941 3021, Tel: (65) 751 1738,
Fax: (408) 941 3014 Fax: (65) 755 1585
email: [email protected] email: [email protected]
