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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., Ltd., also known as Foxconn (SS:601138), announced Friday that its subsidiary, Belkin Echo Holdings LLC, has disposed of its entire equity stake in Phyn LLC. The transaction, which occurred on the same day, involved an amount not exceeding USD 24,900,000, resulting in a profit of no more than USD 18,616,000 for the company.
The shares were sold to Phyn Holdings, Inc., which is not a related party to Belkin Echo or its parent company, Foxconn. The decision to dispose of the shares was based on price negotiations reflective of market conditions and was approved by the Board of Directors. The sale aligns with Foxconn’s strategy to offload assets that are not in line with its corporate direction.
No restrictive covenants or special terms were reported in the contract, and the transaction did not involve any brokers or brokerage fees. Furthermore, the sale did not result in any dissenting opinions among the directors of Hon Hai Precision Industry.
The financial impact of the transaction on Foxconn’s total assets and equity attributable to owners is minimal, with the ratio to total assets being 0.010% and the ratio to owners’ equity at 0.021%. The company’s operating capital prior to the transaction stood at NTD-252,428,890,000.
This disposal of shares does not signify a change in the business model for Foxconn, and there have been no related transactions with Phyn Holdings in the past year nor are there any anticipated in the coming year.
The transaction’s details, including the profit margin and the absence of related parties, were verified and reported without any unreasonable opinions by ATAX Accounting Firm, with CPA Danny Cheng overseeing the process.
The information regarding this transaction is based on a press release statement provided by RNS, the news service of the London Stock Exchange (LON:LSEG).
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