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SINGAPORE - Cloud Network Technology Singapore Pte. Ltd., a subsidiary of Hon Hai Precision Industry Co. Ltd., is investing $84 million in Fii AMC MEXICO S. DE R.L. DE C.V., according to a company statement released Thursday.
The board of directors approved the transaction on September 18, which will increase Cloud Network Technology Singapore’s stake in the Mexican entity to 99.99999999%, with Focus PC Enterprises Limited holding the remaining 0.00000001%.
The investment represents 0.495% of Hon Hai’s total assets and 1.23% of equity attributable to owners of the parent company, based on the most recent financial statements.
Hon Hai, better known as Foxconn, described the transaction as a "capital increase of subsidiary" and stated the purpose is for "long-term investment." The company will use private capital to fund the investment.
The transaction did not require approval from supervisors or an audit committee, and no directors expressed dissenting opinions regarding the investment, according to the press release.
Hon Hai Precision Industry is one of the world’s largest electronics manufacturing service providers and a major supplier for global technology companies.
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