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Sale of Majority Stake in Schweizer Electronic (Jiangsu)
December 27, 2022 | Schweizer Electronic AGEstimated reading time: 1 minute
Schweizer Electronic AG entered into an agreement to sell approximately 57 % of the shares in Schweizer Electronic (Jiangsu) Co., Ltd. based in Jintan, China (SEC) to WUS Printed Circuit (Kunshan) Co., Ltd. based in Kunshan, China (WUS). 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 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.
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.
WUS holds 19.74 % of the shares in Schweizer Electronic AG. Mr. Chris WU is a member of the Supervisory Board of Schweizer Electronic AG and at the same time a member of the management of WUS and a family member of a shareholder controlling WUS. WUS is therefore a related party of Schweizer Electronic AG pursuant to Section 111a (1) sentence 2 AktG.
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.
The Management Board of Schweizer Electronic AG is currently reviewing whether and what effects the transaction will have on the forecast published by SCHWEIZER and will publish any necessary adjustments.
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