TCL Multimedia (HKG:1070) to Complete Buying TOT on Jan 18

   Date:2012-01-16

TCL Multimedia Technology (HKG:1070) announced that all conditions precedent under the acquisition agreement for acquire from its ultimate controlling shareholder TCL Corporation the entire equity interest in the registered capital of TCL Optoelectronics Technology (Huizhou) Co., Ltd. (TOT) have been satisfied and fulfilled. TCL Multimedia has obtained approval from the Stock Exchange for the listing of, and permission to deal in, the consideration shares (i.e. 246 million ordinary shares of the company). The closing of the acquisition will take place on 18 January 2012 where the consideration shares will be issued to TCL Corporation. TCL Corporation's shareholding in TCL Multimedia will increase from 53.12% to 61.88% upon completion.

On 27 June 2011, TCL Multimedia agreed to acquire from TCL Corporation the entire equity interest in the registered capital of TOT at a consideration of RMB655.572 million (HK$788.791 million), which will be settled by way of the issue and allotment of 246.497 million new shares of TCL Multimedia at HK$3.2 per share.



 

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