LITE-ON Technology Announces the Share Sale of its Mobile Mechanical Business Subsidiaries
LITE-ON Technology (2301-tw) announced today its Board has signed the share transfer agreement, under which LITE-ON will sell 100% stake of target companies within the company’s Mobile Mechanical Business, including Zhuhai LITE-ON Mobile Technology Co. Ltd., Guangzhou LITE-ON Mobile Electronic Components Co. Ltd., and Shenzhen LITE-ON Mobile Precision Molds Co. Ltd., to Top-Touch Electronics Co., Ltd., a subsidiary of Shenzhen-listed Zhejiang Firstar Panel Technology (“FPT”). The monetary amount of the transaction is RMB530 million, which will be adjusted according to share purchase agreement.
“LITE-ON will continue to focus on transforming towards cloud computing, LED components and outdoor/automotive lighting, automotive electronics, biomedical technology, and industrial automation, etc. With the ultimate goal of maximizing the value for shareholders, clients and employees, LITE-ON will stay focused on strengthening the core technologies and competitiveness, developing towards a more efficient and profitable operation”, said Warren Chen, LITE-ON Vice Chairman and Group CEO.
The transaction will proceed in compliance to obtain the relevant approvals from China regulators as required, with an estimated completion by 4Q 2018. LITE-ON believes that the transaction shall not have material impact on its finance and operations, and the Company will make public announcement and filing according to the relevant regulations upon completion.
Julia Wang, Sr. Director of IR/PR +886-2-8798-2888