Japanese trading company Mitsui is buying up to 20% of Hong Kong-based display products company TPV Technology, as part of a deal that will also see TPV's controlling shareholder, China Electronics Corporation CEC, increase its stake.
Beijing-based CEC, a Chinese state-owned enterprise, already owns 27% of TPV. According to an announcement issued late last Friday, it will buy an additional 200 million TPV shares, representing 9.47% of the share capital, for a total of HK$1.04 billion $134 million, or HK$5.20 per share. The seller is Dutch firm Royal Philips Electronics, which will continue to own 63 million shares, representing 3% of TPV's existing share capital.
Mitsui...
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