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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., Ltd., widely known as Foxconn (SS:601138), announced today that its subsidiary Ingrasys (Singapore) Pte. Ltd. has acquired shares in Fulian Precision Technology Component Company Limited. The transaction involved a total amount of USD 17,961,000 and resulted in Ingrasys (Singapore) Pte. Ltd. owning 100% of Fulian Precision’s shares.
The acquisition was made using self-owned funds and was not facilitated by a cash investment. The board of directors decided on this transaction on Monday, and no brokers were involved, thus no brokerage fees were incurred. This purchase is part of a long-term investment strategy for Hon Hai Precision Industry Co., Ltd., which is also the parent company of the acquiring subsidiary.
According to the information released, the transaction does not involve any change in business model for Hon Hai Precision Industry Co., Ltd., and there are no restrictive covenants or other significant terms and conditions associated with the shares. Furthermore, there were no dissenting opinions from directors regarding this transaction.
The investment represents a 0.2% ratio to the total assets and a 0.4% ratio to the owners’ equity of Hon Hai Precision Industry Co., Ltd., based on the most recent financial statement. The operating capital of the company was reported to be NTD 241,579,390,000.
This move by Hon Hai Precision Industry Co., Ltd. reflects the company’s ongoing efforts to expand its portfolio and invest in related industries. As the transaction involves a related party, it was conducted in accordance with the regulations governing the acquisition and disposal of assets by public companies.
The information regarding this acquisition is based on a press release statement and has been approved for distribution by the Financial Conduct Authority in the United Kingdom (TADAWUL:4280).
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