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TAIPEI - Hon Hai (TW:2317) Precision Industry Co Ltd, also known as Foxconn (SS:601138), announced Friday the restructuring of its subsidiary investment holdings through a series of share transfers valued at approximately $226 million.
The board-approved transactions involve the transfer of shares in four subsidiaries: Famous Rise International Limited, Expressive Profits Incorporated, Full Bonus International Limited, and Competition Team Ireland Limited.
According to the company’s regulatory filing, Foxconn Singapore Pte Ltd acquired all shares of Famous Rise International Limited for $21.7 million and Expressive Profits Incorporated for $41.6 million from Dominant Elite Holdings Limited.
In parallel transactions, eCMMS Precision Singapore Pte Ltd purchased Full Bonus International Limited for $107.3 million, while Foxconn Holdings B.V. acquired Competition Team Ireland Limited for $55.1 million.
The company described the transactions as "structural adjustments" for capital increases of subsidiaries, with all transfers conducted at book value. No profit or loss was recorded from these disposals.
All transactions were conducted between affiliated companies within the Foxconn corporate structure, with the board of directors approving the deals through negotiation based on book values of the respective subsidiaries.
The transactions represent varying percentages of Hon Hai’s total assets, ranging from 0.03% to 3.17%, according to the filing. The company’s working capital stands at negative NTD 252.4 billion.
The announcement was made through a regulatory filing based on a press release statement from the company.
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