Foxconn in Talks to Buy Stakes in Malaysia’s DNeX: Reports

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Foxconn Technology Group, the main assembler of Apple Inc.’s iPhones, is in talks to buy a stake in Malaysian technology firm Dagang NeXchange Bhd., according to Bloomberg’s sources, after losing to it in bidding for a semiconductor company.

Foxconn, a Taiwanese multinational electronics contract manufacturer, could take a minority stake in DNeX and help to expand the business of its chipmaker SilTerra Malaysia Sdn., which was bought by the Malaysian company in February, outbidding Foxconn.

However, this information should be taken with a pinch of salt as talks are ongoing but could fall apart while a representative for DNeX said the company is always open to discussion with strategic partners and investors, but that it cannot comment on any specific discussion.

After reports of Foxconn’s involvement were published, shares in DNeX rose as much as 13.6% in Kuala Lumpur, their highest intraday level in more than a month, giving the company a market value of about $474 million.

A stake sale would come as Foxconn, whose primary listed arm is Hon Hai Precision Industry Co., has been increasingly working on electric vehicles, issuing a steady stream of announcements beginning with the unveiling of its software platform and first-ever EV chassis in October. Since then the company has struck agreements with Chinese firms Zhejiang Geely Holding Group Co. and Byton Ltd., the U.S.’s Fisker Inc., and European giant Stellantis NV.

In February, along with a Chinese investor, DNeX won their bid to purchase chipmaker SilTerra from Malaysian sovereign wealth fund Khazanah Nasional Bhd. for 273 million ringgit ($66 million). Young Liu, chairman of Hon Hai, later told reporters that the company still wanted to secure a partnership with SilTerra.

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DNeX will acquire 60% of SilTerra, while Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center, its partner in the deal, will buy the remaining 40%.

Established in 1970, according to DNeX’s official website, its businesses include information technology and undersea cables for telecommunications as well as an oil and gas unit.

SOURCE

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