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Mitac Holdings has announced subsidiary Mitac International will spin off its mobile communication product business group, which will be transferred to a new entity with a capital of NT$1.5 billion (US$49.7 million).
Mitac Holding president Billy Ho pointed out that the process will be completed on January 1, 2018 and the spin-off will allow Mitac’s Internet of Things (IoT) business development to have more flexibility. Mitac will also consider having the new affiliate apply for listing in Taiwan Stock Exchange (TSE) or over-the-counter (OTC) markets in the future.
Since the move is an internal organization adjustment, it will not affect its shareholders’ equity, Mitac Holdings noted.
Mitac Holdings currently has two wholly-owned subsidiaries, Mitac International with a capital of NT$15.03 billion and Mitac Computing Technology NT$2.32 billion. With the spin-off, Mitac’s capital will be reduced by NT$1.5 billion to reach NT$13.53 billion.
Ho pointed out that the company is actually having talks with outside companies for cooperation for the new affiliate and will not rule out any partnership opportunity.
In addition to its recent partnership with Japan-based car vendor Subaru over its IoT for car system, Mitac is also looking to form collaboration with a US-based car vendor to adopt the IoT platform in its new cars for 2018.
Mitac to spin off IoT affiliate for flexibility.
Photo: Digitimes file photo
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