(Yicai Global) Aug. 2 -- Lingyi iTech has pushed forward its shareholder  meeting because the Chinese magnetic materials manufacturer does not  have the EUR88 million (USD99 million) to complete its plan to acquire  Finnish electronics components firm Salcomp.

Lingyi  may have difficulties to get all the funds within 10 workdays due to a  large number of financing guarantees, the Shenzhen-based company said in  a statement. According to the original deal, Lingyi needs to pay within  10 days after the extraordinary general meeting approves the plan.

In June, Lingyi announced it will buy Salo-based Salcomp in cash, part of  which will be used to pay the target firm's bank debts. Salcomp posted a  net loss of EUR8 million last year with an operating income of EUR530.8  million.

The purchase will help Lingyi to expand its downstream business, as well as develop overseas markets, the firm said last month. 

Set up in 1973, Salcomp makes chargers and adapters for electronic devices at its plants in China, Brazil and India.

Lingyi has factories in over 10 cities nationwide, employing more than 50,000 people. 

Editor: Emmi Laine