Linkers Industries Limited (NASDAQ:LNKS) shares surged 32.5% to $2.12 in after-hours trading Wednesday after the Malaysia-based wire harness manufacturer announced a definitive agreement to acquire a 29% stake in Thailand's LPW Electronics Co., Ltd. for approximately $2.35 million.
Strategic Foothold In Thailand's Auto Sector According to a Wednesday announcement made before the market opened, through its wholly-owned subsidiary, Linkers Asia Pacific Limited, the company entered into a sales and purchase agreement with Chairman Man Tak Lau to acquire 150,800 shares of LPW Electronics.
Ownership Jump And Cash Settlement Linkers Industries currently holds a 20% equity interest in LPW.
Post-closing, that stake rises to 49%.
An additional $6.16 million in outstanding amounts owed by LPW to an associate will also be settled in cash at closing, alongside the $2.35 million acquisition consideration.
