TCL Multimedia To Complete the Acquisition of TCL Optoelectronics Technology (Huizhou) Co., Ltd.

TCL Multimedia Technology Holdings Limited is pleased to announce that all conditions precedent under the acquisition of TCL Optoelectronics Technology (Huizhou) Co., Ltd. ("TOT") have been satisfied and fulfilled. The Group has obtained approval from The Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Consideration Shares (i.e. 246,497,191 ordinary shares of the Group). The closing of the acquisition will take place on 18 January 2012.

TCL Multimedia will issue and allot 246,497,191 new shares to its parent company TCL Corporation at an issue price of HK$3.20 per share on 18 January 2012. The issued price represents a premium of 9.22% over the average closing price of HK$2.93 for the last five trading days as at 27 June 2011, the date when the proposal for the acquisition was announced, and a premium of 20.30% over the closing price of HK$2.66 for today. Upon the completion of the acquisition, TCL Corporation will increase its direct and indirect stake from 53.12% to 61.88% of the enlarged share capital of TCL Multimedia, demonstrating TCL Corporation's confidence in TCL Multimedia's future development.

TCL Multimedia strives to be proactive in implementing its long-term development strategy, with an emphasis on "Vertical Integration, Innovation and Internationalization". The acquisition of TOT will allow the Group to further integrate its production process and achieve cost synergy by enhancing its vertically integrated production process and manufacturing its own key components.

TOT was established by TCL Corporation in China in December 2007. TOT's headquarters are located in Huizhou, Guangdong Province, China. It is principally engaged in the manufacturing, sale and maintenance of advanced display facilities and components, and is the first large screen LCD TV module plant established by a domestic Chinese enterprise.

16-Jan-2012 11:37:02