Acquisition of 80.2% of shares in Future Technology Devices International Limited by FTDI Holding Limited: notice of final order variation
Updated 13 December 2024
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1. The Chancellor of the Duchy of Lancaster has varied a final order pursuant to section 27 of the National Security and Investment Act 2021 (“the Act”). The variation comes into force on 13 December 2024.
2. The Parties who are subject to the order are:
i. Future Technology Devices International Limited (“FTDI”); and
ii. FTDI Holding Limited (“FTDIHL”);
together with any subsidiary, controlled entity or affiliate of either of them.
3. On 7 December 2021, FTDI Holding Limited gained control of the qualifying entity, Future Technology Devices International Limited by increasing the percentage of shares held in Future Technology Devices International Limited from less than 75% to 75% or more (“the Acquisition”). The Acquisition resulted in a trigger event under section 8(2)(c) of the Act.
4. Following a detailed national security assessment, the Chancellor of the Duchy of Lancaster previously made a final order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which came into force on 5 November 2024. The Final Order had the effect of requiring FTDIHL to sell 80.2% of FTDI within a specified period and by following a specified process.
5. The variation to the Final Order amends the date by which FTIDHL is required to provide the Chancellor of the Duchy of Lancaster with a draft disposal plan in order to assist compliance with the Final Order. There are no other changes to the divestment process or the divestment timetable.