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TAIPEI - Foxconn (SS:601138) (Far East) Limited, a subsidiary of Hon Hai (TW:2317) Precision Industry Co. Ltd., has completed the acquisition of shares in two companies, Talent Sky Holdings Limited and TMJ Technology Co., Ltd. The transactions, which took place today, are part of Foxconn’s long-term investment strategy.
The company acquired one share in each of the two companies, with each transaction valued at $92,070,000. Following these acquisitions, Foxconn (Far East) Limited now holds a total of nine shares in Talent Sky Holdings Limited and TMJ Technology Co., Ltd., representing a 100% shareholding in both entities. The cumulative monetary amount held in these companies is $682,335,245.
The board of directors decided on these transactions without the need for a tender, price comparison, or negotiation process. The acquisitions were not facilitated through cash investment but rather as a capital increase within the parent and subsidiary companies. As such, there were no brokers or broker’s fees associated with these deals.
Both acquisitions were made for strategic long-term investment purposes, and there were no dissenting opinions among the directors regarding the transactions. The counterparty to both transactions is a related party, which is typical in cases where a parent company is increasing its stake in its subsidiaries.
The ratio of securities investment to total assets following these transactions is 10.39% for Talent Sky Holdings Limited and 0.62% for TMJ Technology Co., Ltd. In terms of the equity attributable to owners of the parent, the ratios are 22.98% and 1.38%, respectively.
The transactions have not resulted in any change in the business model for Foxconn, and no other matters need to be specified regarding these investments. The source of funds for these acquisitions is private capital.
This news is based on a press release statement and provides a factual report on Foxconn (Far East) Limited’s recent share acquisitions.
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