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Serial System unit invests S$135,000 in China automotive components distributor

ELECTRONIC components distributor Serial System announced that its 91 per cent-owned Hong Kong unit, Serial Microelectronics (HK), has invested HK$805,000 (S$135,103) in two subsidiaries.

Serial Microelectronics (HK) will take up a 70 per cent stake in Xuanhong Automotive Electronics, a newly incorporated company in Hong Kong.

Xuanhong, in turn, has incorporated Xuanli Automotive Electronics, which distributes automotive semiconductor components in China.

Following the investments, Serial System holds a 63.7 per cent stake in both Xuanhong and Xuanli, it said in a Singapore Exchange filing.

Serial System shares ended S$0.004 or 2.4 per cent higher at S$0.171 on Monday before the announcement.

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