Tiangong International Unit Eyes 51% Cumulative Stake in PCB Tool Company
Tiangong International (HKG:0826) unit Jiangsu Tiangong Carbide Technology is looking to acquire a 48.42% equity stake in Henan Zuoneng Precision from its four original shareholders for 46 million yuan.The parties entered into an equity cooperation memorandum for the deal on Tuesday, according to a same-day bourse filing.The buyer will also subscribe for new equity in the target for 5 million yuan, reaching a total of 51% interest in the latter's enlarged registered share capital.Henan Zuoneng Precision specializes in the R&D, production, and sales of precision tools for printed circuit board (PCB) processing. Tiangong International believes the investment will expedite its entry into the market for PCB precision machining tools, such as drill bits.
