Aerospace Hi-Tech Holding Group (000901.SZ) announced Tuesday it would purchase equities of three European firms at a combined price of about 1.75 billion yuan to expand its auto electronics business.
According to the company, it planned to acquire via issuing stocks and cash payment equities of Hiwinglux S.A. held by Eashine International Co., Ltd., 97 percent equities of IEE International Electronics & Engineering S.A. owned by Easunlux S.A. and all equities of Navilight S.a.r.l. possessed by Guoxin International Investment Corporation Limited.
The company estimated the three acquisition deals to involve 1.749 billion yuan and intended also to float to at maximum 10 designated investors stocks at a price of no less than 50.94 yuan per share to raise up to 1.6767 billion yuan to supplement working capital of IEE International Electronics & Engineering S.A., its planned auto electronics business entity in future. Besides, as Hiwinglux S.A. and Navilight S.a.r.l. hold 33 percent and 24 percent of equities in All Circuits S.A.S. (AC), Aerospace Hi-Tech Holding Group will become a controlling shareholder of AC after the transactions are completed.
IEE and AC are both important electronics products suppliers in the Europe, with IEE in possession of leading technologies on auto safety sensing and AC best known for its globally leading manufacturing capacity in passenger identification and classification systems.
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