Nam Tai Electronics, Inc. [LOGO] NEWS RELEASE
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Represented by PAN PACIFIC I.R. LTD. CONTACT: Lorne Waldman
1790 - 999 WEST HASTINGS STREET President
VANCOUVER, BC, CANADA V6C 2W2 E-MAIL: shareholder@namtai.com
TEL: (604) 669-7800 FAX: (604) 669-7816 WEB: www.namtai.com
TOLL FREE TEL/FAX: 1-800-661-8831
NAM TAI ELECTRONICS, INC.
Completes Transaction in Increasing Shareholding in TCL Mobile to 9%
VANCOUVER, CANADA -- April 26, 2004 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA; Frankfurt Stock Exchange
Symbol: 884852) announced that its acquisition of further interest in Huizhou
TCL Mobile Communication Company Limited ("TCL Mobile") to 9% has been completed
on April 21, 2004.
Nam Tai has increased its shareholding in TCL Mobile from its indirect 3.033%
ownership to 9% through exchange of its existing 72.2% interest in Mate Fair
Group Limited ("Mate Fair") and acquiring the entire issued share capital of
Jasper Ace Limited ("Jasper Ace"), which directly holds 9% equity interest in
TCL Mobile. The total consideration of $126 million was satisfied by exchange of
Nam Tai's 72.2% equity interest in Mate Fair, cash of $25 million, and 2,389,974
new Nam Tai's shares, which represent approximately 5.48% of the enlarged issued
share capital of Nam Tai. The cash consideration of $25 million was paid from
internal resources of Nam Tai without any financing and the number of issued
shares of Nam Tai is now approximately 43.62 million.
About Nam Tai
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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 subassemblies 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.
Safe Harbor
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Certain statements in this press release are "forward-looking statements" within
the meaning of U.S. federal securities laws. Nam Tai intends that these
statements be covered by the safe harbors created under these laws. These
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed or implied by the forward-looking statements. Many of these factors
are beyond Nam Tai's ability to control or predict. Given these uncertainties,
readers are cautioned not to place undue reliance on the forward-looking
statements, which only speak as of the date of this press release. Nam Tai does
not undertake any obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated events, except
as may be required under applicable securities laws.
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