Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex

Jerrica · Jun 16, 2021 04:05 PM

Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex 01

Foxconn, a Taiwanese multinational electronics contract manufacturer, has announced that they have acquired a stake in Malaysian local technology firm Dagang NeXchange (DNex).

According to Bernama, the Taiwanese company’s subsidiary, Foxconn Singapore, acquired 120 million shares in DNex from the company’s existing shareholders. This means that Foxconn Singapore now has a 5.03% stake in the Malaysian company.

Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex 02

DNex group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said in a statement that the group is always open to any collaboration with strategic partners and investors that could bring value to it.

“We foresee that this latest development can bring great potential to DNeX and we believe Foxconn’s entry can offer opportunities to unlock and create value across the high-technology sector’s value chain and beyond.”

Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex 01

DNex expects the new relationship would mean potential collaborations in areas such as semiconductors and downstream products, electric vehicles (EV), and other businesses related to the EV value chain.

The new collaboration is the second that Foxconn has entered to expand into the automotive sector. Previously, Foxconn announced that they have entered a partnership with energy group PTT to build EVs in Thailand.

Also read: PTT, Thailand’s equivalent to Petronas, will be building EVs with Foxconn

Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex 02

Syed Zainal Abidin further said that DNex is focused on growing its business and aims to transform into a technology player, not just locally, but globally as well.

DNex is currently finalising the acquisition of SilTerra Malaysia Sdn Bhd, which manufactures semiconductor wafers that are supplied to multinational fabless and integrated device manufacturer companies.

Also read: In 2050, it'll just be 'electricity kicked in, yo!' as Indonesia aims to sell EVs only by then

Apple and PlayStation manufacturer, Foxconn, acquires stake in Malaysia tech firm DNex 03

With the world now still recovering from a semiconductor shortage, Syed Zainal Abidin expects the sector to remain bullish in the coming years with increasing demands continuing up to 2024.

“This makes the acquisition of SilTerra timely and strategically compelling for DNeX. We are confident that our business in the semiconductor market will grow at a strong pace,” he added.

Also read: Geely believes in methanol vehicles as much as it does in EVs

Jerrica

Writer

There isn’t a time in memory that doesn’t involve staring at cars. After discovering the excitement of watching Schumacher vs Hakkinen, Formula 1 became a major part of life. The love for cars and F1 ultimately led to a job with CAR Magazine. The untimely death of the magazine meant a hiatus from cars at lifestyle women’s magazine Marie Claire before another opportunity came knocking again.

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