VANCOUVER, CANADA -- March 10, 2005 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE) announced it has sold 20 million ordinary shares of its subsidiary, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) (HKSE Stock code: 2633), to Value Partners Ltd, a leading fund management company in Hong Kong.
The 20 million ordinary shares, representing 2.5% of the issued ordinary shares of NTEEP, was sold at the price of approximately $0.33 (HK$2.55) per share. The proceeds from the sale, amounting to approximately $6.5 million, will result in a profit of capital gain. This will be reflected as other income to benefit the shareholders in the Company’s Q1/05 results.
Rescheduling of Q1/05 Results to Tuesday, May 3, 2005
In accordance with the statutory requirements of the New York Stock Exchange and the Stock Exchange of Hong Kong Limited and for the fair disclosure of material information of the Company, and to accommodate the fact that May 2, 2005 is a public holiday in Hong Kong, Nam Tai will reschedule the release date for its unaudited first quarter results for the period ended March 31, 2005 to Tuesday, May 3, 2005 at 9:00 a.m. Eastern Time, which will be the same results announcement date for its two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C.
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 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 a different peak season during a year.