FIT HON TENG Buys Automotive High-voltage Electricity Distribution System Biz; Proposed Price EUR72.5M

　　FIT HON TENG (06088.HK) -0.010 (-0.268%) Short selling $7.66M; Ratio 5.694% announced that FIT GmbH and FIT Voltaira, indirect wholly-owned subsidiaries of the company, have entered into sale and purchase agreements with sellers Martin Mucha and Ursula Griesenbach on 10-11 July 2024 Germany time.

　　Pursuant to the agreements, FIT Voltaira has conditionally agreed to purchase, directly or indirectly through a wholly-owned subsidiary, the target assets of Auto-Kabel Group (AK Group) from the 2 sellers, who have conditionally agreed to sell such assets. The consideration for the proposed transactions shall be EUR72.5 million.

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　　The target assets included certain movable fixed assets and inventories of AK Group, certain intellectual property rights and public rights of AK Group, certain sold contracts and orders of AK Group, the shares in the non-insolvent entities of AK Group and the interest in AKR, certain intercompany receivables of AK Group, certain real properties of AK Group, certain selected liabilities of AK Group, and the assumption of the employment relationships of all employees of AK Group to the extent the respective employee has not validly objected to the transfer of his/her employment relationship or such employment relationship has terminated.

　　Upon completion of the proposed transactions, FIT HON TENG will, through FIT GmbH and FIT Voltaira, own the target assets of AK Group.

　　According to FIT HON TENG, with decades of experience in the automotive industry, AK Group is a leader of innovation for high-voltage electric energy distribution systems for automobiles, providing customised, highly flexible and optimally matched products and solutions, ranging from cables, high voltage connectors, fuses, power distribution, e-mobility solutions to automotive OEMs. Furthermore, AK Group has recently invested heavily in electromobility, particularly in busbar and aluminium cable technologies for high-voltage electric vehicle systems.

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　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-11 16:25.)

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