Taiwanese firm Foxconn Technology Co. Ltd. is in talks to acquire a stake in Malaysian technology firm Dagang NeXchange Bhd (DNeX) after losing a bid for DNeX semiconductor manufacturer he now owns, Bloomberg reported Thursday, citing sources.
Said Foxconn, the main editor of appleiPhones, was looking for a minority stake to help the group expand its chip maker unit SilTerra Malaysia Sdn Bhd.
Asked about the report, DNeX told Reuters that it is always open to discussions with strategic partners and investors who can add value to the group, but cannot comment on any specific shareholder-level discussion, if any.
Foxconn said that, following the company’s policy, it does not comment on market speculations or rumors.
In February, DNeX and Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center won a bid to acquire SilTerra for 273 million ringgit ($ 65.98 million) from the Khazanah National sovereign wealth fund.
DNeX will own 60% of SilTerra, while its Chinese partner takes the rest.
Foxconn lost the bid for the semiconductor maker earlier this year, but its chairman told reporters the company was still looking for opportunities to buy semiconductors in Southeast Asia.
While Apple is Foxconn’s largest customer, the electronics maker has been studying other growth areas, including electric vehicles (EVs).
Last week it signed a non-binding memorandum of understanding with vehicle manufacturer Stellantis to form a joint venture to supply vehicle technologies and connected vehicles to the entire automotive industry.
Shares of DNeX, a provider of trade and oil and gas facilitation services, rose to 13.6% on Thursday.