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In a significant move within the technology industry, Wistron Corporation announced today the decision to approve the sale of its 100 per cent indirect stake in Wistron InfoComm Manufacturing (India) Private Limited (WMMI) through its subsidiaries, SMS InfoComm (Singapore) and Wistron Hong Kong Limited.
According to an announcement by Wistron, this transaction will be executed through a Share Purchase Agreement with Tata Electronics Private Limited (TEPL), marking a transformative step in the evolution of Wistron's business operations. The estimated transaction price for this sale stands at USD 125 million, which roughly translates to New Taiwan Dollar (NTD) 3.89 billion. This major deal was given the green light during Wistron Corp's Board of Directors Meeting, where strategic decisions for the company's future were outlined. Although the deal is yet to be finalized, upon confirmation and the signing of the relevant agreements by both parties, it will then progress to obtain the necessary approvals from relevant authorities. Following the successful completion of the transaction, Wistron Corp is committed to making the requisite announcements and filings in full compliance with all applicable laws and regulations. Concurrently, SMS InfoComm (Singapore) Pte Ltd unveiled its proposal to convert a debt of USD 130.26 million, which includes accrued interest, previously extended to WMMI in the form of External Commercial Borrowing (ECB), into equity. This strategic shift highlights the commitment of SMS InfoComm (Singapore) Pte Ltd to strengthening its presence in the evolving landscape of technology and manufacturing. As the technology sector continues to witness dynamic changes and realignments, this landmark agreement between Wistron Corporation, SMS InfoComm (Singapore) Pte Ltd, and Tata Electronics Private Limited showcases the ever-evolving nature of business within this industry. The transaction, upon successful completion, is poised to have a substantial impact and open new avenues for growth and innovation. The collaborative efforts of these organizations pave the way for a brighter and more dynamic future in the global technology market. (ANI)
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