Sep 09: MIC Electronics Limited has completed the acquisition of a 59 percentage stake in Singapore-based Neo Semi SG Pte. Ltd. through a share-swap transaction, marking an important step in the company’s strategic expansion into emerging technology-led opportunities.
As part of the transaction, MIC Electronics has allotted 5.68 crore equity shares to the selling shareholders of Neo Semi SG as consideration for the acquisition. The allotment follows the in-principle approvals received from BSE Limited and the National Stock Exchange of India Limited.
Neo Semi SG is a Singapore-incorporated deep-tech platform engaged in semiconductor IP creation, AI-driven energy logistics, IoT-based smart-grid solutions and circular electronics. The company operates through subsidiaries in India and the UAE.
Commenting on the development, Mr. Rakshit Mathur, CEO of MIC Electronics said,
“The completion of the acquisition of a 59% stake in Neo Semi SG marks an important milestone for MIC Electronics. The transaction strengthens our focus on technology-led opportunities and represents a meaningful step in our strategic expansion. We look forward to building on this development as we continue to pursue opportunities that can contribute to our long-term growth.”
The completion of the share-swap transaction follows the regulatory approvals and allotment process undertaken by MIC Electronics, taking the proposed acquisition into its completed stage.