Time Interconnect to Fully Acquire Key Cable Supplier and Raise Caps on Connected Transactions

Time Interconnect Technology Limited ( (HK:1729) ) has shared an update.

Time Interconnect Technology Limited has agreed to acquire the remaining 51% stake in a target company it does not already own for an initial consideration of US$12.7 million, making the target a wholly owned subsidiary. Following completion, the target group’s assets, liabilities and results will be fully consolidated into the group’s financial statements, strengthening Time Interconnect’s control over its cable supply operations.

Because the target group is a key supplier of cable products to Luxshare Precision Group, the acquisition will turn these supplies into continuing connected transactions under Hong Kong listing rules. Anticipating higher demand from Luxshare Precision, Time Interconnect has also entered into a second supplemental master supply agreement to raise existing annual caps, and both the acquisition and revised caps are subject to independent shareholders’ approval as major and connected transactions.

More about Time Interconnect Technology Limited

Time Interconnect Technology Limited, incorporated in the Cayman Islands and listed in Hong Kong, operates in the cable and interconnect solutions industry. Through its subsidiaries, it supplies cable products, including raw material cable components, to major electronics manufacturers, with a notable commercial relationship with Luxshare Precision and a focus on serving growing demand in this supply chain.

Average Trading Volume: 18,711,550

Technical Sentiment Signal: Buy

Current Market Cap: HK$45.8B

See more insights into 1729 stock on TipRanks’ Stock Analysis page.