Cosel details LITE-ON partnership and board appointment

Cosel, listed on the Tokyo Stock Exchange Prime Market, has released details regarding its relationship with LITE-ON Technology Corporation, classified as "other related companies." LITE-ON currently holds a 19.99% voting rights stake in Cosel. This partnership aims to enhance corporate value and sustainable growth by combining the technological strengths of both groups to deliver value-added products and services globally.

A capital and business alliance agreement was signed on April 30, 2024, following approval by Cosel's board of directors. In line with this alliance, Cosel appointed Jianzhong Xu from LITE-ON to its board of directors after the 55th ordinary general meeting of shareholders on August 9, 2024. Xu serves as the head of the IT&CE (Information Technology & Consumer Electronics) and SBG (Strategic Business Group) divisions at LITE-ON.

While Xu's appointment constructively influences Cosel’s board composition and decision-making, the company asserts that the impact on its corporate governance is minor, and its management independence remains secured. Cosel also confirmed that there are no significant transactions with controlling shareholders or related parties to be reported in its consolidated financial statements.