Abu Dhabi’s Mubadala Development said on Friday it had bought 8.1 percent of US-based AMD, the second-largest maker of computer processors.

“We have already bought the stake as of today,” Mubdala’s chief operating officer, Waleed al-Mokarrab al-Muhairi, told Reuters in a text message.

He did not say how much Mubadala, owned by the government of the world’s sixth-largest oil exporter, had paid for the stake.

AMD said in a registration statement with the US Securities and Exchange Commission on Thursday it would sell up to $700m (340m) in common stock and use the proceeds for general corporate purposes.

An 8.1 percent stake in AMD would be worth more than $550m at the stock’s last traded price.

The deal would cost Mubadala about $700m, the Financial Times said on Friday, citing people close to the situation.

The company was likely to welcome the investment after reporting its fourth consecutive quarter of losses last month in the face of competition from rival Intel, the world’s biggest chipmaker, the paper said.

Still, the deal could attract the attention of the US Committee on Foreign Investment, which vets acquisitions by overseas investors, particularly in technology and defence companies, on national security grounds, it said.

A spokesman for AMD declined to comment on a deal, and said that, contrary to the Financial Times report, the company’s work did not include government contracts.

AMD has been strapped for cash since its $5.4bn purchase of Canadian graphics chip company ATI.