TAIPEI – Hon Hai (TW:) Precision Industry Co., Ltd., also known as Foxconn (SS:), has completed the acquisition of SAIGON STEC CO., LTD. through its subsidiary FULLERTAIN INFORMATION TECHNOLOGIES LIMITED. The transaction, which took place between December 27, 2024, and January 17, 2025, involved a total initial amount of USD 10,400,000. The final transaction price is subject to adjustments based on the agreements, with any changes to be announced separately.
The shares were purchased from Sharp (OTC:) Sensing Technology Corporation, a related party, and S-Takaya Electronics Industry Co., LTD, which has no relation to the company. The acquisition was made as part of a business expansion strategy. The board of directors decided on the transaction through price negotiations, basing the decision on the valuation price of the shares.
As a result of this transaction, FULLERTAIN INFORMATION TECHNOLOGIES LIMITED now holds a 100% shareholding in SAIGON STEC CO., LTD., with no restrictions on rights. This investment represents 0.65% of Hon Hai’s total assets and 1.40% of the equity attributable to the owners of the parent, as indicated in the most recent financial statement. The operating capital of Hon Hai Precision Industry Co., Ltd. was reported as NTD -241,579,390,000.
The board of directors approved the acquisition during the period from December 17, 2024, to January 17, 2025, with no dissenting opinions from directors. The transaction did not require ratification by supervisors or approval by the Audit Committee. ATAX Accounting Firm and CPA Danny Cheng, holding practice certificate number Financial-Supervisory-Securities-Corporate-5720, issued no unreasonable opinion regarding the transaction.
The acquisition is funded by private capital and is not expected to change the business model of Hon Hai Precision Industry Co., Ltd. There have been no previous transactions with SAIGON STEC CO., LTD. in the past year, nor are any expected in the coming year.
This news is based on a press release statement and provides an update on the latest strategic moves by Hon Hai Precision Industry Co., Ltd. in expanding its business operations.
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