Yidian to Acquire Controlling Stakes in SVA Subsidiaries
Sina Tech, 6/08/09
Chinese consumer electronics manufacturer SVA Group plans to sell its controlling interest in SVA Electron (600602.SH) and SVA Information Industry (600637.SH) to Shanghai Yidian Holding Group for RMB 1.11 bln and 1.075 bln respectively, according to statements released simultaneously by the two struggling SVA subsidiaries. Shanghai Yidian will gain a 30.07% stake in SVA Electron and a 42.24% stake in SVA Information Industry.
According to the announcements, SVA Electron and SVA Information Industry will transfer their stakes in SVA Optronics (18.75% each) to SVA Group, giving the parent 100% equity in the TFT-LCD company and a 75% share of the 5G LCD panel production capacity, with the other 25% controlled by Japanese consumer electronics manufacturer NEC.
Editor's Note: For more information on SVA's restructuring, please see Shanghai Government Establishes SVA Group Trusteeship, MD, 3/31/09. For more information on SVA Optronics, please see SVA Electron Board Approves Ending Optronics Purchase, MD, 5/19/09.
Keywords: M&A 5G 600602.SH 600637.SH consumer electronics hardware NEC Shanghai Yidian Holding Group SVA SVA Electron SVA Information Industry SVA Optronics TFT-LCD
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