Shenzhen Longsys Electronics Co., Ltd. (SZSE:301308) agreed to acquire 70% stake in Powertech Technology (Suzhou) Ltd from Spansion Holdings (Singapore) Pte. Ltd. and Powertech Technology Inc. (TWSE:6239) for TWD 3.9 billion on June 27, 2023. Under the terms, Shenzhen Longsys will pay the 50% settlement payment and will pay the rest 50% payment within 5 working days after the expiry of 60 days after the completion of equity delivery. If the transaction fails to receive the approval of State Administration of Foreign Exchange in China after 180 days from the date of signing contract, PTI has the right to terminate this contract. The transaction has been resolved by the Board of Directors of Spansion Holdings (Singapore) Pte. Tsai Hsuan, Tseng of Tsai Chin Certified Public Accountant acted as fairness opinion provider for Powertech Technology.
Shenzhen Longsys Electronics Co., Ltd. (SZSE:301308) completed the acquisition of 70% stake in Powertech Technology (Suzhou) Ltd from Spansion Holdings (Singapore) Pte. Ltd. and Powertech Technology Inc. (TWSE:6239) on October 1, 2023.