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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., Ltd., parent company of Foxconn (SS:601138), announced Friday it has approved investments totaling RMB 1.45 billion ($225 million) in two precision technology subsidiaries through its Foxconn Industrial Internet Co., Ltd. unit.
The company’s board of directors approved the acquisition of shares in Henan Yuzhan Precision Technology Co., Ltd. for RMB 725.65 million, according to a regulatory filing. In a separate transaction, Henan Yuzhan will acquire shares of Shenzhen Yuzhan Precision Technology Co., Ltd. for an identical amount.
Following these transactions, Hon Hai will hold 100% ownership in both entities. The company described the moves as "long-term investments" in the regulatory filings.
The investments represent 7.03% of Hon Hai’s total assets and 15.56% of equity attributable to owners of the parent company for the Henan Yuzhan transaction. The Shenzhen Yuzhan transaction accounts for 1.50% of total assets and 3.31% of equity.
The board unanimously approved both transactions, with no dissenting opinions from directors. The company stated that private capital will fund the investments.
Hon Hai, known internationally as Foxconn, is the world’s largest electronics manufacturing services provider. The company is a major supplier for technology giants including Apple (NASDAQ:AAPL).
The information was disclosed in regulatory filings to the London Stock Exchange (LON:LSEG) on Friday.
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