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Metal-alloy chassis maker Foxconn Technology has announced that it will have five of its subsidiaries each invest HKD297 million (US$38.02 million) to subscribe to new shares issued by IDG Energy Investment Group – a Hong Kong-based holding company engaged in investment in exploration of crude oil and development and production of oil and natural gas.
Foxconn Technology said it will take a 24.37% stake in IDG Energy with total investment at HK$1.485 billion, becoming the HK company’s second largest corporate shareholder.
IDG Energy unit price for the Foxconn Technology’s subscription is HKD1.00 per share, 27.01% lower than the December 13 closing price of HK$1.37 for the company’s shares on the Hong Kong Stock Exchange.
Foxconn Technology subsidiaries in the deal are Q-Run Far East, World Trade Trading, High Tempo International, Foxconn Technology Pte and Q-Run Holding.
IDG Energy focuses natural gas business operation in China and will also seek investment in related business in the North America.
Foxconn Technology is a member of the Foxconn Group (Hon Hai), of which Foxconn Electronics is the flagship. Its stake investment is expected to bring strategic added-value and unique resources for IDG Energy through the Foxconn Group’s global operational network, clientele and public relations as well as excellent operational experience, IDG Energy indicated.
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