Brightking Holdings Ltd (君耀控股) shareholders on Friday approved the electronics component supplier’s merger with Yageo Holding (Cayman) Ltd, to become a wholly owned subsidiary of passive component supplier Yageo Corp (國巨).
Brightking would stop trading its shares on the Taiwan Stock Exchange on Sept. 20 and delist from the nation’s main bourse on Sept. 28 after the transaction is completed, the company said in a stock exchange filing yesterday.
Founded in 1999 and headquartered in China’s Dongguan, Brightking has four manufacturing plants and four research centers in Taiwan and China, as well as nine sales offices globally. It supplies circuit protection components used in surveillance, communications, auto electronics, power supply and smart meter devices, and has about 1,100 employees.
The company’s announcement came more than three months after Yageo on April 27 made a tender offer to buy out Brightking at NT$73 per share.
Despite the merger, Brightking is to continue operating as an independent company, it said.
The deal is part of Yageo’s efforts to broaden its product lineup in a bid to expand from multilayer ceramic capacitors and chip resistor products to auto electronics and niche protection components, aiming to provide a one-stop shopping service for passive component customers.
Analysts said the deal is mutually beneficial, as it helps strengthen Yageo’s global positioning and distribution network while allowing Brightking to take advantage of Yageo’s network and expand its China-centered business globally.
Brightking reported net profit of NT$98.75 million in the first half of this year, up 17.96 percent annually from the same period last year, with earnings per share rising from NT$1.91 to NT$2.16 over the period.
The company’s sales for the first six months of the year were NT$1.44 billion, up 14.57 percent year-on-year, while gross margin slipped from 34.12 percent to 33.26 percent and operating margin improved by 0.22 percentage points to 11.50 percent, it said in a separate stock exchange filing.
Brightking shares closed at NT$72.6 on Friday. The stock has risen 4.46 percent so far this year.
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