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TAIPEI - Hon Hai Precision Industry Co. Ltd. announced Friday that its subsidiary Fullertain Info Tech Ltd. has completed the acquisition of SAIGON STEC CO., LTD. shares for approximately $10.3 million, according to a press release statement.
The transaction, which was initially approved by Hon Hai’s board of directors on January 17, 2025, involves purchasing shares from Sharp Sensing Technology Corporation, a related party, and S-Takaya Electronics Industry Co., Ltd.
The acquisition gives Fullertain 100% ownership of Saigon STEC, with the stated purpose of business expansion. The company disclosed that the transaction was decided through price negotiation, with valuation price serving as the reference basis for the decision.
Hon Hai, better known internationally as Foxconn, stated that the acquisition represents 0.82% of its total assets and 2.04% of owners’ equity based on its most recent financial statement.
The transaction was funded through private capital, according to the company statement. ATAX Accounting Firm served as the accounting firm for the transaction, with CPA Danny Cheng overseeing the process.
The company reported no dissenting opinions from directors regarding the transaction, and confirmed that the acquisition does not involve a change in business model.
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