VANCOUVER, CANADA -- December 29, 2004 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA; Frankfurt Stock Exchange Symbol: 884852) announced today that some investors interested in its subsidiary, J.I.C. Technology Company Limited’s (“J.I.C.”) (HKSE Stock code: 987) LCD business have invested and acquired 100 million J.I.C. ordinary shares through the market. The sum gained from selling of interest in J.I.C. will be recorded as other income in the income statement of the Company’s Q4 results.
On the same day, after having liquidated 100 million J.I.C. ordinary shares through the market, Nam Tai converted all the outstanding J.I.C. preference shares into ordinary shares. As a result, Nam Tai increased its ownership in J.I.C. by 213,902,912 ordinary shares to 546,890,978 ordinary shares representing 71.63% of all J.I.C. ordinary shares and remains the major shareholder of J.I.C.; the public holds 216,643,777 ordinary shares representing 28.37% of all J.I.C. ordinary shares. After all outstanding preference shares are converted, J.I.C.’s total number of ordinary shares increased to 763,534,755 shares.
Nam Tai Chairman, Mr. Tadao Murakami said, “I am happy that more and more investors realize the successful performance of J.I.C. and invested in the Group. Also, we are glad to see that after all preference shares of J.I.C. were converted into ordinary shares, the true market capitalization value and hence the true investment value of J.I.C. can be reflected more clearly to investors.”
About Nam Tai Electronics, Inc.
We are an electronics manufacturing and design services provider to original equipment manufacturers of telecommunications and consumer electronic products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD panels, LCD modules, radio frequency modules, flexible printed circuit sub-assemblies and image sensors. These components are used in numerous electronic products, including cellular phones, laptop computers, digital cameras, copiers, fax machines, electronic toys, handheld video game devices and microwave ovens. We also manufacture finished products, including cellular phones, palm-sized PCs, personal digital assistants, electronic dictionaries, calculators and digital camera accessories for use with cellular phones.
Nam Tai has two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C. Technology Company Limited (“JIC”). Interested investors may go to the website of The Stock Exchange of Hong Kong at www.hkex.com.hk to obtain the information. The stock code of NTEEP and JIC in The Stock Exchange of Hong Kong are the 2633 and 987 respectively. Investors are reminded to exercise caution when assessing such information and not to deal with the shares of the Company based solely on reliance of such information. The results of NTEEP and JIC only represent a part of the results of the Company and there are GAAP differences in the financial statements of NTEEP and JIC, when compared with the financial statements of the Company. Furthermore, different subsidiaries of the Company may have different peak season during a year.