Mubadala, an investment and development company based in Abu Dhabi, UAE, has sold shares worth more than $600 million in the US-based semiconductor company AMD, said a report.

The sale equated to 45 million AMD shares – nearly a third of the UAE company’s 142 million shareholding, reported The National.

Mubadala had made its first investment in AMD back in 2007. The company said it would use the cash from the stake sale for further opportunistic investment.

The move comes as Mubadala presses ahead with a strategy of capitalising on long-term investments, said the report.

According to a market filing on Saturday, Mubadala sold shares worth $613.4 million on the public market in the Nasdaq-listed multinational known for developing computer processors and related technologies.

With its plan to hold the remaining 97 million shares it owns in AMD, the Emirati company is still the largest single shareholder in the company followed by the US-based asset management company BlackRock, which currently owns an 8.69 per cent stake, it added.