Hitachi, Ltd. (TSE:6501) made an offer to acquire remaining 28.9% stake in Yungtay Engineering Co., Ltd. (TWSE:1507) for TWD 7.6 billion on September 27, 2021. Under the terms the offer price is TWD 65.1 per share. The Hitachi Group, including Hitachi and its subsidiaries Hitachi Elevator Taiwan Co., Ltd., and Hitachi Building Systems, hold a total of 292,123,671 shares of the company as of September 26, 2021, accounting for 71.1% of the issued shares. In a related agreement Hitachi, Ltd and Yungtay Engineering Co., Ltd. entered into a share conversion proposal. Post completion of this share conversion proposal, Hitachi will acquire 100% of Yungtay Engineering Co., Ltd. The share conversion base date of this share conversion proposal is set within 10 business days after Hitachi obtains the approval of the Investment Review Committee of the Ministry of Economic Affairs, and is agreed upon by the authorized representative of Hitachi and the authorized representative of the board of directors. Yungtay Engineering Co., Ltd. board of directors resolved on September 27, 2021, share conversion with Hitachi, Ltd., and the board of directors resolved to approve the Yungtay Engineering Co., Ltd. application for the termination of listing and cessation of public offering of securities. Extraordinary shareholders meeting is scheduled on November 16, 2021

Hitachi, Ltd. (TSE:6501) completed the acquisition of remaining 28.9% stake in Yungtay Engineering Co., Ltd. on April 21, 2022. The acquisition has been implemented through a share exchange at TWD 65.1 per share. Shareholders has approved the transaction on November 16, 2021. Relevant Taiwanese authorities also approved the transaction.