- Release Date: 13/08/13 10:24
- Summary: ASSET: RAK: Rakon Announcement On Agreements Signed With ECEC
- Price Sensitive: No
- Download Document 2.54KB
RAK 13/08/2013 08:24 ASSET REL: 0824 HRS Rakon Limited ASSET: RAK: Rakon Announcement On Agreements Signed With ECEC 13 August 2013 RAKON SIGNS EQUITY TRANSFER AGREEMENT FOR SALE IN RAKON CRYSTAL (CHENGDU) CO. LIMITED Following Rakon Limited's (NZX:RAK) announcement on 5 July 2013 that it has signed a Cooperation Framework Agreement with ZheJiang East Crystal Electronic Co. Ltd. (ECEC), both parties have signed formal Agreements (Equity Transfer Agreement; Joint Venture Contract) for ECEC to acquire from Rakon 80% of the shares in Rakon Crystal (Chengdu) Co. Limited (RCC), the owner of the manufacturing facility in Chengdu, China for US$18.8 million. Rakon and ECEC are to establish a strategic partnership targeting the smart wireless device (SWD) market, with both parties working together in the areas of technology, capital, management and markets for SWD, by sharing resources and capabilities. ECEC will further fund the expansion of the Chengdu plant from its current 20% capacity utilisation, to enable the joint venture to achieve greater scale. The acquisition will result in a new joint venture of RCC with Rakon holding 5.4% and existing joint venture partners continuing to own 14.6%. The Equity Transfer Agreement contains certain conditions to be met before the expected completion and settlement on 30 September 2013. One of those conditions is for Rakon to gain shareholders' approval for the transaction. A Special Shareholders Meeting is to be convened for this purpose, to be held immediately following the Annual Shareholders Meeting on 6 September 2013. For further information: Brent Robinson Managing Director Rakon Limited (09) 571 9323 About Rakon: Rakon is a global high technology company that designs and manufactures world leading frequency control solutions. Rakon's products enable fast and reliable connectivity in the transfer of data. Customers are manufacturers in the avionics, space, military and telecommunications industries. About ECEC: ZHEJIANG EAST CRYSTAL ELECTRONIC CO., LTD. is primarily engaged in the research, development, design, manufacture and distribution of electronic components. The Company primarily provides surface mount device (SMD) quartz crystal resonators, oscillators and ceramic tubular capacitors, among others. The Company's products are mainly used in communication field, information field, home appliance field, automobile electronic product field and other fields. The Company distributes its products in domestic and overseas markets. End CA:00239560 For:RAK Type:ASSET Time:2013-08-13 08:24:01
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Ann: ASSET: RAK: Rakon Announcement On Agreements
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