Nam Tai announces withdrawal of registration statement

Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) announced its board of directors has determined that it is in the best interest of the Company and its shareholders to request a withdrawal of Nam Tai's registration statement filed on Form F-3 for a proposed offering of 3,000,000 common shares of the Company.On March 3, 2003, Nam Tai announced the filing of a registration statement on Form F-3 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed offering of 3,000,000 common shares of the Company. However, taking into account the effect of SARS, or severe acute respiratory syndrome, on the stock market, the Company believes that the proposed offering can only be completed at a price which does not reflect the inherent value of the Company's business. Furthermore, Nam Tai believes that it will have adequate cash resources and banking facilities that are available for the construction of its new 250,000 square feet factory and other general corporate purposes. In this connection, the board of directors has determined that it is in the best interest of the Company and its shareholders to request the withdrawal of the registration statement. The Company notified the SEC of its withdrawal on May 28, 2003.Source: PCBnewsline