Digitimes is reporting that Global Foundries may be sold after its downsizing that started last year. On January 31, 2019 the company sold its 200 mm fab located in Singapore to Vanguard International Semiconductor and reduced its workforce by 5% last year to cut costs. The foundry has fallen behind in its competition with Samsung Electronics and TSMC. Industry insiders think that the fab will be sold to a South Korean company like Samsung Electronics or SK Hynix. At present, ATIC, a state-run enterprise of the United Arab Emirates, is the largest shareholder in Global Foundries with a shareholding of 90 percent. "Global Foundries is unlikely to be bought by a Chinese company such as SMIC in that the U.S. government is keeping China in check in various industries," said an industry insider, adding, "The most potential candidates include South Korean companies such as Samsung Electronics and SK Hynix, and Samsung Electronics can increase its share in the market to 23 percent at once if it takes over Global Foundries."