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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., Ltd. announced Friday that its subsidiary, Hon Chi International Investments Co., Ltd., will invest $60 million in the Oceanus Growth Fund, L.P., a private equity fund.
The investment represents 20% of the target fund size, according to a company statement based on a press release. The transaction involves the signing of a non-binding letter of intent, with final terms subject to further negotiation.
The Taiwanese manufacturing giant, better known as Foxconn (SS:601138), indicated the investment is intended for "long-term investment" purposes. The company’s board of directors approved the transaction.
The investment amount represents approximately 0.038% of Hon Hai’s total assets and 0.095% of the parent company’s shareholder equity, based on the latest financial statements.
No restrictions of rights such as pledges are attached to the investment, the company stated.
Hon Hai, a major supplier for Apple (NASDAQ:AAPL) and other technology companies, reported an operating capital of NTD-252,428,890,000 in its latest financial statements.
The company did not disclose specific investment targets or strategies for the Oceanus Growth Fund in its statement.
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