TCL CSOT Selected as Preferred Bidder for LG Display's Chinese Factories
TapTechNews August 2nd news, LG Display released an announcement on August 1st to explain the relevant content of LGD accelerates the sale of Chinese factories... reported by the Korea Economic Daily this year. The company has selected TCL CSOT Technology Group Co., Ltd. as the preferred bidder for the equity of its LCD factory in Guangzhou, China, and will start exclusive negotiations.
Today, TCL Technology Group released an announcement confirming the news of LG Display. The holding subsidiary TCL CSOT recently participated in the bidding offer for 70% equity of LG Display (China) Co., Ltd. and 100% equity of LG Display (Guangzhou) Co., Ltd..
TapTechNews attaches the basic situation of the target as follows:
1. Basic situation of LG Display (China) Co., Ltd.
Company name: LG Display (China) Co., Ltd.
Company address: No. 88 Kaida Road, Science City, High-tech Industrial Development Zone, Guangzhou.
Legal representative: PARK YOO SEOK.
Registered capital: 133,400 US dollars.
Company type: Limited liability company (Sino-foreign joint venture).
Business scope: Wholesale of electronic components; Manufacturing of optoelectronic devices and other electronic devices; Manufacturing of electronic components and components; Wholesale of electronic products; Rental of houses; Other warehousing industries (excluding crude oil, refined oil storage, gas storage, and dangerous goods storage); Wholesale of environmental protection equipment; Sales of electrical mechanical equipment; General mechanical equipment sales; Wholesale of mechanical parts; Undertaking the maintenance and repair of communication networks on behalf of enterprises (excluding the construction of line and pipeline laying and other construction projects); Contracting of power transmission and transformation projects; Import and export of goods (except for goods involving special management regulations for foreign investment access and goods requiring approval by license).
Main financial data: According to the information disclosed by the seller in the overseas stock exchange, the operating income of LG Display (China) Co., Ltd. in 2023 was 6,334,170,000 yuan, and the net profit was 601,640,000 yuan; as of December 31, 2023, the total assets were 1,332,742,000 yuan, and the net assets were 1,180,218,000 yuan.
Shareholding of company shareholders: LG Display directly and indirectly holds 70% of the equity, Guangzhou High-tech Zone Technology Holding Group Co., Ltd. holds 20% of the equity, and Shenzhen Skyworth-RGB Electronics Co., Ltd. holds 10% of the equity.
2. Basic situation of LG Display (Guangzhou) Co., Ltd.
Company name: LG Display (Guangzhou) Co., Ltd.
Company address: No. 59 Kaitai Avenue, Science City, High-tech Industrial Development Zone, Guangzhou.
Legal representative: PARK YOO SEOK.
Registered capital: 24,282 US dollars.
Company type: Limited liability company (foreign-owned).
Business scope: Manufacturing of TV sets; Manufacturing of electronic components and components; Self-owned real estate business activities; Wholesale of communication and radio and television equipment; Wholesale of e lectronic components.
Main financial data: According to the information disclosed by the seller in the overseas stock exchange, the operating income of LG Display (Guangzhou) Co., Ltd. in 2023 was 1,186,006,000 yuan, and the net profit was 53,608,000 yuan; as of December 31, 2023, the total assets were 2,112,485,000 yuan, and the net assets were 283,864,000 yuan.
Shareholding of company shareholders: LGD holds 100% of the equity.
TCL announcement said that on August 1, 2024, the company received a letter from the seller: After the seller evaluated and reviewed based on the principles of fairness and justice, taking into account the equity purchase price, operational support plan, delivery feasibility and other important conditions, TCL CSOT was determined as the preferred bidder for this equity bidding. Subsequently, TCL CSOT will conduct exclusive negotiations and negotiate the transaction agreement with the seller regarding this transaction..