Foxconn unit to sell entire equity stake in Tsinghua Unigroup

HONG KONG : Taiwan's Foxconn, the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell entire equity stake in embattled Chinese chip conglomerate Tsinghua Unigroup.

Foxconn said in a statement to the Taipei stock exchange that Xingwei, 99 per cent controlled by its China-listed unit Foxconn Industrial Internet Co Ltd, has agreed to sell its holdings for at least 5.38 billion yuan $771.79 million).

Foxconn disclosed in July that it was a shareholder of Tsinghua Unigroup. Xingwei controls a 48.9 per cent stake in a different entity that itself holds a 20 per cent stake in the vehicle that owns all of Unigroup.

($1 = 6.9708 Chinese yuan renminbi)