TIME INTERCON (01729) announced that on April 23, 2026, the company intends to acquire 51% of the issued share capital of the target company, Time Interconnect Singapore Pte. Ltd., from the seller (Luxshare Precision Limited) for a preliminary consideration of $12.7 million, which is subject to adjustment. The acquisition is conditional upon the terms and conditions of the sale and purchase agreement. As of the date of this announcement, the target company is owned 49% by TIME INTERCON and 51% by the seller. Upon completion, TIME INTERCON will hold the entire issued share capital of the target company, making it a direct wholly-owned subsidiary.
Time Interconnect Singapore Pte. Ltd. was incorporated in Singapore as a private limited company on September 5, 2024. It was initially established to seek overseas business acquisitions and is currently engaged in the wholesale of vehicle parts and accessories. On July 9, 2025, the target company completed the acquisition of the entire issued share capital of LEONI Kabel for approximately €335 million, becoming the holding company of the Leoni LCS Group. Through the acquisition of the Leoni LCS Group, the target group is now involved in the development, manufacturing, and sale of copper cables for power, signal, and data transmission used in the automotive industry and other sectors. The target group's primary customers are leading global automotive component suppliers. As of the announcement date, the target group operates ten production facilities located in China, Germany, Mexico, Poland, Hungary, Slovakia, and Turkey, with a total floor area of approximately 291,000 square meters.
TIME INTERCON's core strategy has consistently been to actively seek diversified investment opportunities to support sustainable growth while mitigating risks associated with existing operations. In December 2025, the company completed the acquisition of the entire issued share capital of Dejinchang Investment Limited, a company primarily engaged in the manufacturing and sale of copper wire products widely used in electronic devices, appliances, computers, communication equipment, automobiles, medical devices, aerospace equipment, and solar energy products. This move enhanced the group's copper wire supply capabilities. Furthermore, the group's business layout in the downstream automotive wiring harness sector forms a seamless value chain with the target group's operations.
The board of directors anticipates that obtaining full ownership of the target group through this acquisition will enable more effective resource allocation and improve the management and operational efficiency of the entire automotive business segment. Consequently, the group has negotiated with the seller to acquire the remaining equity in the target company. Additionally, leveraging the target group's established presence in Europe and the Americas, the group will gain immediate access to these key overseas markets upon completion of the acquisition. In particular, the group plans to utilize the target group's global footprint to expand into other business segments and reach more potential international customers.
The acquisition will also facilitate comprehensive technical knowledge exchange between TIME INTERCON and the target group, thereby enhancing research and development capabilities and enabling the provision of more sophisticated, higher value-added products to customers. Furthermore, the target group's financial performance will be fully consolidated into the group's financial statements after completion. Given the target group's strong track record and significant scale, the acquisition is expected to broaden the group's revenue base and positively impact its overall financial performance. Therefore, the board believes the acquisition is beneficial for the group's long-term development and will help consolidate its global industry position.
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