VANCOUVER, CANADA -- February 24, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) ( NYSE Symbol: NTE; CBOE Symbol: QNA) today announced that Dr. William Lo Wing Yan, JP, has agreed to accept the Board of Director’s invitation to stand as a director nominee at Nam Tai’s 2003 Annual Shareholders' Meeting scheduled for June 10, 2003 in New York.
Dr. Lo, aged 41, is currently the Executive Director and Vice-president of China Unicom Ltd., a telecommunications operator in China, which is listed on both the stock exchanges of Hong Kong and New York. He is also at present the Non-executive Chairman of WPP Greater China, a division of WPP Group Plc., which is a communication services group and the shares of which are listed on the London Stock Exchange and NASDAQ. Dr. Lo is a member of the GEM Listing Committee. He is also a Board Member of the Hong Kong Applied Science and Technology Research Institute as well as the Hong Kong Jockey Club Institute of Chinese Medicine Ltd. Dr. Lo is a Council Member of the Open University of Hong Kong. He is also Non-executive Director of three other listed companies in Hong Kong.
Dr. Lo was the Chief Executive Officer of Citibank’s Global Consumer Banking Business for Hong Kong Macau from 1998 to 1999. Prior to his appointment at Citibank, Dr. Lo was the founding Managing Director of Hongkong Telecom IMS Ltd. Dr. Lo holds a M.Phil. degree in Molecular Pharmacology and a Ph.D. degree in Genetic Engineering, both from Cambridge University, England. He was a Commonweath Scholar, a Croucher Foundation Fellow (H.K.), and a Bye-Fellow of Downing College, Cambridge. In 1996, Dr. Lo was selected as a “Global Leader for Tomorrow” by World Economic Forum. In 1998, Dr. Lo was appointed as a Justice of the Peace (JP) of Hong Kong.
“The Board of Directors of the Company are honoured to nominate Dr. Lo, a well respected intellectual and business executive, as an Independent Director of the Board of Nam Tai,” commented Mr. Tadao Murakami, Nam Tai’s Chairman. “Nam Tai is committed to good corporate governance. With Dr. Lo’s extensive experience in various major capital markets and holding honorable positions in several listed companies, we believe that Dr. Lo would further improve our standards of corporate governance.”
The Company will pay the first quarter 2003 dividend of $0.15 per share on April 21, 2003 to shareholders of record at the close of business on March 31, 2003. On February 14, 2003 the Company announced, for the tenth consecutive year, an increase in its dividend. The annual dividend was increased to $0.60 per share for 2003 up from $0.48 per share in 2002.
About Nam Tai
We are an electronics design and manufacturing services provider to a select group of the world’s leading original equipment manufacturers of telecommunications and consumer electronic products. Through our electronics manufacturing services, or EMS, operations, we manufacture electronic components and subassemblies, including LCD panels, transformers, LCD modules and radio frequency, or RF, modules. These components are used in numerous electronic products, including cellular phones, laptop computers, digital cameras, copiers, fax machines, electronic toys and microwave ovens. We also manufacture finished products, including cordless phones, palm-sized PC’s, personal digital assistants, electronic dictionaries, calculators and digital camera accessories for use with cellular phones. Further information is available at www.namtai.com.