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175 million dollars! Chengmei Materials sells 100% equity of Chimei Materials

November 12, 2021

Latest company news about 175 million dollars! Chengmei Materials sells 100% equity of Chimei Materials

Core reminder: On the 11th, Chengmeicai, a polarizer factory, announced that it will sell its subsidiary Chimei Material Technology to invest 100% of its shares to Fuxin Enterprise in accordance with the strategic considerations of future operations. The total transaction amount is estimated to be US$175 million (approximately NT$4.8 billion) Yuan), this transaction is expected to be completed before the lunar new year next year. Chengmeicai said that in the future, it will focus on the polarizer business in Taiwan, China, and develop applications in other fields.
On the 11th, Chengmeicai, a polarizer factory, announced that it will sell its subsidiary Chi Mei Material Technology to invest 100% of its shares to Fuxin Enterprise in accordance with the strategic consideration of future business layout. The total transaction amount is estimated to be US$175 million (about NT$4.8 billion). The transaction is expected to be completed before the Chinese New Year next year. Chengmeicai said that in the future, it will focus on the polarizer business in Taiwan, China, and develop applications in other fields.

Chengmei Material Technology announced that it will sell 100% equity of Chi Mei Material Technology Investment, a total of approximately 146,500 shares. The unit price per share is US$1.1945, and the total transaction price is US$175 million. A subsidiary of Hengmei Optoelectronics (formerly Kunshan Chimei), it means that Chengmeicai will withdraw from the ranks of shareholders of Kunshan Hengmei Optoelectronics.

In this regard, Chengmeicai stated that it mainly considers future company operations and strategic layout considerations. In the future, the polarizer business will focus on Taiwan's existing production capacity. At the same time, it will also use related disposal proceeds to expand the layout of the non-polarizer business.

It is worth noting that Chengmeicai was originally the largest shareholder of Hengmei Optoelectronics and had substantial control. However, due to the outbreak of the management rights dispute in 2019 and not participating in the capital increase of Hengmei Optoelectronics, it not only lost the actual operation rights, but also its shareholding ratio in recent years. Constantly being diluted. Chengmeicai also expects to hold an interim meeting of shareholders on December 29 to discuss relevant proposals.

The total investment of Hengmei Optoelectronics polarizer project is about 4.2 billion yuan. It is the world's most advanced 2.56m ultra-wide polarizer industry line newly established by Kunshan Zhimei Material Technology Co., Ltd. in Fuzhou. After completion, it will become the research and development and manufacturing of polarizers and optical functions. The integrated high-tech assembly line workshop of ultra-high-definition and large-width imaging materials such as film and optical compensation film. As the main plant of the project, Building 1 is the main production workshop for polarizers. The single-story building area is 29,000 square meters, of which the single-story high-bay warehouse area is 28.72 meters high and the maximum span is 24.8 meters.

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