South Korean electronics firm emerges as substantial shareholder of Raffles Infrastructure

KOSDAQ-listed electronics components company Magic Micro has emerged as a substantial shareholder of Raffles Infrastructure Holdings on Monday, with a 20.3 per cent stake acquired in an off-market deal at S$0.50 a share.

With its acquisition of 13.8 million shares, the total sum of the deal comes up to about S$6.9 million.

The South Korean company designs, manufactures and sells electronic and electric components, including light-emitting diode (LED), LED package, lead frame for LED, lead frame for semi-conductors, and pre-mould. It is headed by CEO Choi Jae Hoon.

Raffles Infrastructure, formerly known as China Fibretech, announced earlier in August that it intends to apply to the Singapore Exchange (SGX) to be dropped from the bourse's watch list under the financial exit criteria, subject to approval from the regulators. It was put on the SGX watch list on June 6, 2019. It has 36 months to cure this status or risk being delisted.