TCL Technology to Buy LG Display's Chinese Unit for 10.8 Billion Yuan; TCL's Shares Up 4%

MT Newswires Live09-27

TCL Technology Group (SHE:000100) plans to acquire 80% of LG Display's (KRX:034220) Chinese joint venture unit through subsidiary TCL Huaxing Optoelectronics for 10.8 billion yuan, according to a Thursday disclosure on the Shenzhen Stock Exchange.

The China-based state-owned electronics manufacturer will also take over the operations and the factories held by LG Display (China). One of its assets is the liquid-crystal display or LCD modules factory in Huangpu District, Guangzhou, which produces 2.3 million units per year.

The deal came two weeks after Skyworth Group's (HKG:0751) subsidiary Shenzhen Chuangwei-RGB sold its 10% stake in LG Display (China) for 1.30 billion yuan.

Prior to the two deals, LG Display (China) was jointly established by LG Display with Guangzhou High-Tech Zone Technology Holdings Group and Skyworth unit Shenzhen Chuangwei-RGB Electronic, owning 70%, 20% and 10% of the venture, respectively.

TCL Technology's Shares jumped more than 4%, LG Display's shares slumped more than 2% in recent trade. Skyworth's shares rose more than 2%.

Price (HKD): $4.19, Change: $+0.17, Percent Change: +4.23%

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