20 August, 2024 – Lenovo has introduced the date of its common assembly for the shareholder vote in relation to Strategic Enterprise Transactions which had been first introduced on Could 29, 2024. The Strategic Enterprise Transactions will assist Lenovo speed up its development and transformation with the introduction of a long-term strategic associate in Alat, additional diversify its international provide chain footprint, and drive higher monetary flexibility. The Board places ahead bizarre resolutions together with the issuance of a US$2 billion zero coupon convertible bond to Alat and the issuance of 1.15 billion warrants for shareholders to contemplate and vote on the common assembly. The overall assembly will happen on September 12, 2024 at 9:30a.m. in Hong Kong.
As a part of the Strategic Enterprise Transactions Lenovo will:
- Set up a brand new regional HQ in Riyadh to give attention to the expansion alternatives within the Center East and Africa (MEA) area.
- Drive incremental income and revenue. The MEA area continues to see robust development momentum fueled by an growing variety of large-cap initiatives and its robust economies, with the area’s IT and Enterprise Providers market measurement anticipated to succeed in near US$38 billion by 2027, in accordance with IDC estimates.
- Additional diversify its international manufacturing and provide chain by constructing a brand new manufacturing hub within the Kingdom of Saudi Arabia (KSA), enabling it to get nearer to serving prospects within the area.
- Introduce a brand new long-term strategic associate in Alat, a US$100 billion fund wholly owned by PIF (Public Funding Fund), the sovereign wealth fund of the Kingdom of Saudi Arabia.
- Introduce higher monetary flexibility within the type of curiosity financial savings from refinancing debt and alternatives to take a position for future growth within the MEA area and globally.
Yuanqing Yang, Lenovo’s Chairman and CEO commented:
“Via this highly effective strategic collaboration, Lenovo may have vital assets and monetary flexibility to additional speed up our transformation and develop our enterprise by capitalizing on the unbelievable development momentum within the MEA area. Wanting forward, Lenovo plans to construct a tech & manufacturing hub in Saudi Arabia and can assist outline the way forward for the area as a middle of innovation which Alat will profit from. It is a large vote of confidence in our firm, our market management, and our future development potential.”
Extra particulars could be learn within the Lenovo Round which was printed on the Hong Kong Inventory Alternate on August 19, 2024, particularly the explanations and advantages of the Strategic Enterprise Transactions, the view of the Board of Administrators, the advice from the Impartial Board Committee and the method for shareholding voting.
About Lenovo
Lenovo is a US$57 billion income international know-how powerhouse, ranked #248 within the Fortune World 500, and serving hundreds of thousands of consumers daily in 180 markets. Centered on a daring imaginative and prescient to ship Smarter Expertise for All, Lenovo has constructed on its success because the world’s largest PC firm with a full-stack portfolio of AI-enabled, AI-ready, and AI-optimized units (PCs, workstations, smartphones, tablets), infrastructure (server, storage, edge, excessive efficiency computing and software program outlined infrastructure), software program, options, and companies. Lenovo’s continued funding in world-changing innovation is constructing a extra equitable, reliable, and smarter future for everybody, in every single place. Lenovo is listed on the Hong Kong inventory alternate below Lenovo Group Restricted (HKSE: 992) (ADR: LNVGY). To search out out extra go to https://www.lenovo.com, and skim in regards to the newest information through our StoryHub.
