MIC Electronics EGM approves acquisition of 89.65% stake in Neo Semi SG Singapore

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AI summary

MIC Electronics held an EGM on April 29, 2026, where all three resolutions passed with over 99.99% approval. Resolution 1: Acquisition of 71,72,090 equity shares (89.65%) of Neo Semi SG Pte. Ltd, Singapore. Resolution 2: Preferential allotment of up to 5,68,73,418 MIC Electronics shares via share swap for 59% of Neo Semi. Resolution 3: Re-designation of Mr. Deepayan Mohanty from Independent to Non-Executive Non-Independent Director.

Likely market impact

Shareholders cleared the Neo Semi acquisition and related share swap, leading to equity dilution but expanding into Singapore's semiconductor space.