Guangdong Shengyi Sci. Tech. Co Ltd. completed the acquisition of 70.2% stake in Dongguan Shengyi Electronics Ltd from TTM Technologies China Limited.
June 17, 2013 at 12:00 am EDT
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Guangdong Shengyi Sci. Tech. Co Ltd. (SHSE:600183) signed a letter of intent to acquire remaining 70.2% stake in Dongguan Shengyi Electronics Ltd from TTM Technologies China Limited on February 1, 2013. Guangdong Shengyi Sci. Tech. Co Ltd. signed an agreement to acquire remaining 70.2% stake in Dongguan Shengyi Electronics Ltd from TTM Technologies China Limited for approximately CNY 700 million on March 13, 2013. In a related transaction, Guangdong Shengyi will dispose 20% stake in Dongguan Meadville Circuits. Transaction is subject to valuation of all of SYE at CNY 1 billion and conclusion of a formal sale and purchase agreement. The Board of Guangdong Shengyi approved the transaction on February 1, 2013. The transaction is subject to approval by the board of Directors and shareholders of each of TTM Technologies China Limited and Shengyi Technology Co.,Ltd. and approval from Board of Dongguan Shengyi Electronics, the transaction is also subject to certain closing conditions between the parties including regulatory approvals. The transaction is expected to close by the end of the second quarter of 2013. TTM anticipates the transaction will generate approximately CNY 84 million net for TTM, and expects to use about CNY 40 million of the proceeds to repay an intercompany loan to SYE. As of April 2, 2013, Guangdong Shengyi Sci. Tech shareholders approved the deal.
Guangdong Shengyi Sci. Tech. Co Ltd. (SHSE:600183) completed the acquisition of 70.2% stake in Dongguan Shengyi Electronics Ltd from TTM Technologies China Limited on June 17, 2013.
Shengyi Electronics Co Ltd is a China-based company principally engaged in the research and development, production and sales of printed circuit boards. The Company's main products are communication equipment boards, network equipment boards, computer/server boards, consumer electronics boards, industrial medical boards and other boards. The Company's products are mainly used in communications, networks, computers/servers, consumer electronics, industrial control, automotive, aerospace and medical fields. The Company distributes its products both in the domestic market and to overseas markets.