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Cheng Uei Precision to Lose Control of Shinfox Energy After Majority Stake Sale

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Cheng Uei Precision Industry (TPE:2392) will cease to control Shinfox Energy (TPE:7782) after its subsidiaries dispose of a combined 139.93 million shares worth NT$7.0 million through a public tender offer, according to a Thursday report filing to the Taiwan stock exchange.

The company said Fu Uei International Investment, Power Quotient International and Foxlink Image Technology will sell 18.65 million, 102.95 million and 18.33 million shares, respectively, at NT$0.05 per share, the statement said.

With this, the group's shareholding will fall by 55 percentage points to 1.22%, and it will cease to control Shinfox Energy and its subsidiaries Foxwell Energy, Shinfox Far East and SFE Hercules.

Cheng Uei estimates to gain NT$2.06 billion from the disposal before tax, based on its June 30 consolidated financial statements.

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