Schweizer reduces stake in SEC to 30%
Schweizer Electronic AG entered into an agreement to sell approximately 57% of the shares in Schweizer Electronic (Jiangsu) Co., Ltd. (SEC) to WUS Printed Circuit (Kunshan) Co., Ltd.
Previously, Schweizer Electronic AG held approximately 87% of SEC, in the future Schweizer will hold a 30 % share in the Chinese company. Following the transfer of the shares, WUS is to subscribe for and acquire further shares in SEC as part of an increase in SEC's share capital which has yet to be resolved. After the implementation of the future capital increase, WUS will hold an 80% interest in SEC.
The entry of WUS will strengthen SEC’s equity capital for the volume production of the embedding technology. The Schweizer embedding technology will thus be manufactured both at the plant in Schramberg and the plant in Jintan, a press release states.
The closing of the transaction (Closing) is expected to take place in three to four months. The purchase price for the shares in SEC to be transferred under the Share Transfer Agreement amounts to CNY 33,450,000 (EUR 4,5 million).
The Supervisory Board of Schweizer Electronic AG approved the conclusion of the Share Transfer Agreement on December 21, 2022. The Agreement still requires the approval of the shareholders' meeting of WUS to become effective.
