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APAQ Technology Unit to Merge With Hotek Material

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APAQ Technology Co's (TPE:6449) subsidiary AiPAQ Technology will merge with Hotek Material Technology, according to a Friday filing to the Taiwan stock exchange.

Shares of the aluminum electrolytic capacitor manufacturer were down 1% in recent trade.

Under the pact, Hotek Material will be dissolved after its merger with AiPAQ Technology, which will integrate the operational resources of both parties, create operational synergies, and generate better value for shareholders, the company said.

AiPAQ Technology will issue new shares at a ratio of one share for every 4.31 ordinary shares of Hotek Material. It expects to issue about 1.3 million new common shares to all shareholders of Hotek Material.

The merger benchmark date has been tentatively set for Oct. 1.

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