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RELEASE: TDConnex completes spin-off investment and emerges as a new global manufacturing company

(Information sent by the signatory company).

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RELEASE: TDConnex completes spin-off investment and emerges as a new global manufacturing company

(Information sent by the signatory company)

SINGAPORE, April 3, 2024 /PRNewswire/ -- TDConnex, a leading global precision manufacturing company, today announced that it has become an independent company based in Singapore following its acquisition by Novo Tellus and 65 Equity Partners.

TDConnex, which provides cutting-edge engineering and manufacturing services to global technology leaders in the US and Europe, was previously incubated as a division of Tongda Group ("TDG"), a Hong Kong-based diversified conglomerate listed on Hong Kong Stock Exchange. Today, a group led by Novo Tellus and 65 Equity Partners completed the acquisition of 100% of TDG's business, marking the emergence of TDConnex as a new independent global company, with independent operations, significant global scale, profitability, a balance sheet highly liquid and a strong set of global leaders as clients.

"Today, TDConnex already operates at the frontier of the global precision manufacturing industry," said Keith Toh, Partner at Novo Tellus and President of TDConnex, "and as the global technology industry increasingly demands billions of products smaller, lighter and smarter, TDConnex is well positioned to help technology leaders create and deliver technology products that can address nearly every aspect of the digital business and consumer experience." Loke Wai San, Managing Partner and Co-Founder of Novo Tellus, added: "We are proud of the energetic partnership we have built with TDConnex, culminating in this historic investment in the business as it grows into independent global operations."

Tan Chong Lee, CEO of 65 Equity Partners commented: “65 Equity Partners is pleased to support Singapore-based TDConnex and its management team in their continued pursuit of manufacturing excellence to serve global technology leaders. "We look forward to working alongside Novo Tellus to support TDConnex as it continues to grow on a global scale." Karan Saraf, Principal at 65 Equity Partners and Director at TDConnex added: "We are excited to work with TDConnex management to accelerate growth through innovation and collaboration."

TDConnex CEO Thanga Venkatachalam concluded: "Today marks a historic milestone for TDConnex. The management team and employees of TDConnex are deeply grateful to Tongda Group for their patronage and various contributions to our business since its founding. We also acknowledge Our sincere thanks to our esteemed customers for their close collaboration and long-term support for TDConnex as we have grown over the years.

We are excited to partner with Novo Tellus and 65 Equity Partners as we move into the next chapter of our global journey. We appreciate the deep manufacturing sector expertise of our investor group and our shared focus on creating meaningful growth by partnering closely with technology leaders, investing in advanced capabilities, and building deeply trusted relationships across the technology industry. With this historic step, TDConnex is proud to establish itself as a next-generation manufacturing partner for the global supply chain, with the right capabilities, the right geographies and some of the world's most prominent technology innovators as customers."

About TDConnex

TDConnex provides manufacturing for tomorrow's supply chain. The company is deeply committed to helping global technology leaders create and deliver products that change the way the world lives and works. Today, our cutting-edge microprecision components can be found in more than one billion technology products worldwide, and we are focused on helping customers create the next generation of more sustainable and advanced electronics for the future.

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