TCL Corp drops global share offer

3rd August 2004, Comments 0 comments

SHANGHAI, Aug 3 (AFP) - TCL Corp, a handset maker and the world's largest TV set manufacturer, said Tuesday it plans to list its mobile phone unit in Hong Kong by way of introduction, dropping a proposal for a global share offering.

SHANGHAI, Aug 3 (AFP) - TCL Corp, a handset maker and the world's largest TV set manufacturer, said Tuesday it plans to list its mobile phone unit in Hong Kong by way of introduction, dropping a proposal for a global share offering.

"As a result of changes in market conditions, a global offering of shares of TCL Communication will not take place," TCL said in a statement to the Shenzhen Stock Exchange.

TCL Communication has instead applied to list on the Hong Kong Stock Exchange by way of introduction, which involves the listing of existing shares, as opposed to an offer of new shares.

TCL Corp, which has joint ventures with French giants Alcatel and Thompson, announced in April that it planned to divest all its cellular operations of TCL Mobile Communications into a new listing vehicle, TCL Communication, and sell up to a 30 percent stake to the public.

It intended to use the money raised from the listing to expand its mobile phone operations, which generated CNY 9.45 billion (USD 1.14 billion) in revenue last year. No one from the company was immediately available for further comment.

© AFP

Subject: French news

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