HG Semiconductor to Increase Stake in Shenzhen Jiahong

MT Newswires Live12-02

HG Semiconductor (HKG:6908) entered two separate agreements to increase its stake in Shenzhen Jiahong, a semiconductor company, according to a Hong Kong bourse filing Tuesday.

In the first agreement, the company will acquire 8.34% of Shenzhen Jiahong for HK$73.4 million, while in the second, it will acquire a 4.64% stake for HK$40.8 million.

HG Semiconductor said it will settle the first agreement via the issue of 146.8 million shares priced at HK$0.50 apiece, while the second agreement will be satisfied by way of issue of a promissory note to the seller.

The consideration shares represent 15.63% of the company's issued share capital and 13.52% as enlarged by the issue.

Meanwhile, the promissory note will have a fixed term of 18 months and carry an interest of 2% per annum.

The stake acquisition is subject to shareholder approval and will bump HG Semiconductor's stake in Shenzhen Jiahong to 73.28% from 60.30%.

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