TCL Brews to Adjust Private Share Placement Plan

TCL Corporation (SZSE: 000100) toady says that it decides to adjust the original plan for private share placement.

The Shenzhen-listed company brews to cancel reinvestment in its wholly-owned subsidiary TCL Industries Holdings (HK) Limited because the latter finished increasing investment in TCL Multimedia Technology Holdings Limited (SEHK: 1070) in July 2007.

Meanwhile, it needs to adjust the amount and price of the share placement, lowering down the proceeds raised from the share sale to CNY 1.396 billion.

Of the money, CNY 742.46 million will be used for medium- and small-sized LCD TV module project and CNY 653.91 million for large-sized high-definition LCD TV module project.

Li Dongsheng, board chairman of TCL, will still subscribe for 18% of the to-be-sold shares in line with the new price.

TCL gained CNY 420 million of net profit and CNY 18.54 billion of operating revenues in the first half of 2008. 90% of its communications products sales came from the markets overseas, particularly Latin America.

From www.shihua.com.cn, Page 1, Wednesday, September 24, 2008
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