Mar 25, 2003
Singapore-based Beyonics Technology Ltd. said today that it is on track to become a major EMS provider in the Asia Pacific region with its latest proposed merger with Sesdaq-listed Flairis Technology Corporation Ltd. via a scheme of arrangement. The company announced today that it has entered into a conditional agreement to merge with Flairis.
Flairis shareholders will receive 0.6 Beyonics share for every one Flairis share. Based on the share exchange ratio and Flairis� issued capital of 375.74 million shares, Beyonics will issue 225.44 million new shares, giving Flairis shareholders an approximate 20% stake in Beyonics� enlarged issued capital of 1.12 billion shares.
On completion of the transaction, Flairis will become a wholly-owned subsidiary of Beyonics and its shares will be delisted from Sesdaq.
�We have found a perfect fit in Flairis � Beyonics and Flairis are complementary in terms of products, customers and operations,� says Mr. Chay Kwong Soon, Chairman of Beyonics. �The combined entity will have the scale and size to go after bigger outsourcing contracts and customers - especially the Japanese OEMs.�
Mr Ong Ah Whatt, Chairman and CEO of Flairis, said, �By teaming up with Beyonics, we accelerate our pace to achieve our long term growth objective as well as our goal of becoming one of the leading EMS providers in the region with enhanced capabilities and integrated manufacturing services than if we had operated on our own.�
Beyonics� services include printed circuit board assembly, full turnkey system assembly, testing, packing and distribution, fabrication and manufacturing of plastics injection moulds and parts, and precision stamping parts. The company has manufacturing facilities in Singapore, Malaysia, Indonesia, Thailand and China.
Flairis� core businesses are the provision of PCBA and turnkey system assembly services, plastic injection moulding and precision coil winding services, with manufacturing facilities in Singapore, Indonesia, Malaysia and China. It provides PCBA services for major MNCs, particularly Japanese MNCs, in the telecommunications, computer peripherals and consumer electronics industries.
�By combining our operations, we expect to realize significant synergistic benefits through increased scale, customer and product diversification, better use of resources, expansion into multiple low cost manufacturing sites and enhanced operating and financial resources � all the right reasons for doing this deal,� says Mr Goh Chan Peng, CEO of Beyonics.
Based on the latest audited financial results of Beyonics and Flairis, the two companies would have a combined EMS revenue of approximately $900 million, they stated today in a joint announcement. This larger scale should lead to economic benefits in sourcing, capacity utilization, marketing and cross selling. In addition, each group brings its own customer base and products and this diversification will better insulate the group against the fortunes of any one customer or contract.
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