Potential sale of Nam Tai's entire interest in J.I.C Technology Company Limited
Feb 21, 2008
Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) announced that it is engaged in negotiations to sell its entire interest in its Hong Kong listed subsidiary, J.I.C Technology Company Limited ("JIC"), to an independent third party. Nam Tai, currently holds 74.99% of the outstanding share capital of JIC; has informed JIC of its current negotiations that may lead to the Company's sale of its equity interest in JIC; and JIC has announced Nam Tai's potential sale of its equity interest in JIC pursuant to the Hong Kong listing rules. A copy of JIC's announcement issued pursuant the listing rules of the Hong Kong Stock Exchange is attached to this press release.
The JIC group of companies, of which J.I.C. Technology Company Limited is the parent holding company, principally serves the Japanese electronics industry, providing services ranging from software development and data processing and compression to hardware (electronic) design and development for Japanese firms. JIC's operating activities are conducted primarily in Shekou, Shenzhen, PRC and its marketing activities in Tokyo, Japan. During the year ended December 31, 2007, and on a per share basis, the JIC group (as reorganized effective December 31, 2007) contributed unaudited net income to Nam Tai (after deducting minority interests) of $0.01 per share and $0.01 per share, based on a weighted average number of Nam Tai shares outstanding of approximately 44,584,000 (basic) and 44,805,000 (fully diluted), respectively.