VANCOUVER, CANADA -- September 30, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW) announced that at the invitation of TCL International Holdings Ltd. (“TCL International”), a Hong Kong publicly listed company (Hang Seng Index Code No. 1070), it has agreed and signed to sell a 1.467% indirect shareholding in Huizhou TCL Mobile Communication Company Limited (“Huizhou TCL”), at a consideration of approximately $10.45 million. Upon a successful completion of the transaction, Nam Tai’s interest in Huizhou TCL will be reduced from 4.5% to 3.033%. Nam Tai acquired its 4.5% indirect interest in Huizhou TCL (after dilution) in September 2000 for a consideration of $2 million.
Huizhou TCL is a very successful and aggressive mobile phone manufacturer in China. It is ranked as the third largest manufacturer of mobile phones in China, behind Motorola Inc. and Nokia Corp. TCL International, is a very successful manufacturer of television sets and other domestic appliances. Both Huizhou TCL and TCL International are subsidiaries of TCL Corporation in which Nam Tai has a 6% equity interest investment.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service provider to some of the world’s leading original equipment manufacturers. Nam Tai manufactures telecommunication products, palm-sized PCs, personal digital assistants, linguistic products, calculators and various components including LCD modules for cellular phones, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), chip on film (COF), surface mount technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer lead bonding (OLB) technologies. Further information is available on Nam Tai’s web site at www.namtai.com.
This press release contains forward-looking statements that are uncertain including statements that assume the successful completion of the transaction to sell a 1.467% interest in Huizhou TCL. Acquisitions do not always complete and involve risks and uncertainty. Factors that might cause differences in this and the other forward looking statements, include, but are not limited to, those discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time, such as the factors set forth in Item 1 “Description of Business – Risk factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2001.