TDK Corporation to Enter into a Business Collaboration with Shenzhen Desay Battery Technology Co., Ltd

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TDK Corporation has announced that TDK's wholly-owned subsidiary Navitasys Technology Limited, which engages in the package business of rechargeable battery, signed a letter of intent with respect to discussing a potential business collaboration, including the establishment of a joint venture with Shenzhen Desay Battery Technology Co., Ltd.(Guangdong, China, hereinafter “SZ Desay”), which manufactures and sells the package of rechargeable battery. It is planned that the maximum shareholding ratio of NVT HK will be 49% and the remaining will be owned by SZ Desay. The joint venture will be Huizhou Desay Battery Co., Ltd. (Guangdong, China), which is currently a wholly-owned subsidiary of SZ Desay prior to the formation of joint venture.

This business collaboration aims to strengthen the cooperative relationship between both companies through a joint venture in the rechargeable battery package business and further strengthen product competitiveness in this field.
 From now, both companies will discuss the transaction details, including the consideration to be paid for the joint venture shares in the future. This letter of intent is not legally binding and the business collaboration will only be implemented if a formal agreement is reached through discussion by the parties and upon the completion of satisfactory due diligence by both companies. It will be disclosed promptly as soon as it is decided to conclude a formal agreement.

Name

Navitasys Technology Limited

Location

Hong Kong Special Administrative Region of the People’s Republic of China

Representative

Yee ChunKeung (General Manager)

Business

Manufacture and sale of rechargeable battery packages

Capital

US$ 10,000,000

 Overview of the Other Party to Conclude the Letter of Intent 

Name

Shenzhen Desay Battery Technology Co., Ltd.

Location

Guangdong, China

Representative

Liu Qi (Chairman)

Business

Manufacture and sale of rechargeable battery packages

Capital

RMB 207,197,738 (about 3,200 million Japanese yen)

Date of Establishment

4th September, 1985

Large Shareholders and Shareholding Ratio

Guangdong Desay Corporation (44.80%)

 Overview of a Company Planning to Become a Joint Venture

Name

Huizhou Desay Battery Co., Ltd.

Location

Guangdong, China

Representative

Zeng Jianyun (Chairman)

Business

Manufacture and sale of rechargeable battery packages

Capital

RMB 700,000,000 (about 10,700 million Japanese yen)

Date of Establishment

22nd October, 2002

Equity Ratio (planned)

The maximum shareholding ratio of NVT HK will be 49% and the remaining will be owned by SZ Desay.


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