FIT Hon Teng (06088) buys shares of micro-lens company

   FIT Hon Teng Limited (06088) said its subsidiary FIT Singapore has agreed to acquire 26.83% of the entire equity interest in Kantatsu on a fully converted basis for a total consideration of JPY5.9 billion. 
  Kantatsu is a limited liability company established in Japan and is principally engaged in manufacturing and design of high magnification micro-lens in smartphone, automotive, medical and industrial applications.
  Following the cooperation with Kantatsu on automotive camera products and the in-depth understanding of Kantatsu's product technology, the company thinks Kantatsu possesses ultra-precision moulding technology. By studying Kantatsu's high-precision moulding design and manufacturing process, the company may enhance its moulding precision and technical expertise, improve product quality and reduce overall cost. The company may also accelerate its penetration into the high-precision critical components used in industries such as mobile phone and healthcare. Therefore, the company's increase in shareholding of Kantatsu will further facilitate the knowledge exchange and deepen cooperation on critical precision moulding technology between the two parties.