TCL Corporation to Take Handset Maker TCL Communication Private
TCL Corporation, 6/06/16
Chinese consumer electronics manufacturer TCL Corporation (000100.SZ) recently announced that it plans to privatize its handset manufacturer TCL Communication Technology (2618.HK) through TCL Corporation's wholly owned Hong Kong-based subsidiary TCL Industrial Holdings.
TCL Industrial Holdings currently controls a 65.23% stake in TCL Communication Technology, and under the privatization plan it will acquire all remaining shares held by other investors. Following the transaction TCL Industrial Holdings will control 100% of TCL Communication Technology's shares, TCL Communication Technology will be a wholly owned subsidiary of TCL Industrial Holdings, and TCL Communication Technology will delist from the Hong Kong Stock Exchange.
Some terms of the privatization transaction are still being finalized and TCL Corporation will organize an internal decision process audit after the details of the arrangement have been determined. The transaction will also require approval by TCL Communication Technology's independent shareholders, the Hong Kong Stock Exchange, and Hong Kong securities authorities.
TCL Communication Technology listed on the Hong Kong Stock Exchange main board in September 2004 and is currently valued at HKD 7.08 bln. The company's main business is designing, producing, and selling smartphones, smart devices, and Internet products.
Keywords: delist handset wireless TCL Communication Technology TCL Corporation 000100.SZ 2618.HK smartphone TCL Industrial Holdings
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