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Nam Tai Electronic and Electrical Products Limited Recent Share Price Movement13 August 2005
Nam Tai Electronic and Electrical Products Limited ("NTEEP" or "the Company") (Stock code: 2633), the leading vertically-integrated manufacturing solutions provider of consumer electronics and communications products, today stated that it has noted the recent increase in the trading volume and decrease in price of the shares of the Company and wish to state save and except the following reasons, the Directors are not aware of any reasons for such increase in trading volume and decrease in share price of the Company:
(1) the Company has been informed by its controlling shareholder, Nam TaiElectronics, Inc. ("NTE Inc."), that it has further sold 528,000 ordinary shares of the Company on 11 August 2005 (the "Disposal") on the Stock Exchange representing approximately 0.06% of the issued share capital of the Company. Before the Disposal, NTE Inc. was holding 69.56% of the issued share capital of the Company and after the Disposal NTE Inc. is holding 69.50% of the issued share capital of the Company. As far as the Company is aware, NTE Inc. has no particular reason for the Disposal. In light of the market turmoil as a result of the Disposal and previous sale of shares of the Company by NTE Inc. on 8 to 10 August 2005, NTE Inc. has already confirmed that it has suspended further disposal of shares of the Company; and
(2) analysts reporting again today that the Company was not able to secure orders from one of its clients in relation to its CMOS products. In this respect, the Company believes such reporting should not cause the share price decrease since the reporting on the matter had been made before. The Company also wishes to clarify that the future growth of the Company should not be determined by the order size of a single customer as we have a diversified product base and customer portfolio and that the Company will continue to maintain good relationship with the relevant client and will continue to procure new orders. In fact it has already been stated in its 2005 interim report and 2005 interim result announcement that the Company is successful in obtaining firm orders on hand from its existing and new clients. Besides, the Company will try to elevate the sales of its box-built products in order that its product mix can be more well-balanced and should be able to maintain a steady growth in sales for the second half of 2005. In addition, the Company has impressive financial ratios and maintains a healthy financial position.
About NTEEP Nam Tai Electronic & Electrical Products Limited ("NTEEP"), a subsidiary of Nam Tai Electronics, Inc. which is listed on the New York Stock Exchange, is a well-established vertically integrated manufacturing solutions provider for some of the world's most reputable brand owners of consumer electronics and communications products. Currently, NTEEP focuses on four segments of the consumer electronics and communications sectors including optical devices, home entertainment devices, mobile phone accessories and educational products. Through the recent acquisition of Namtek Software Development Company Limited from its parent company, NTEEP extended its vertically integrated manufacturing solution to include software development specializing in digital dictionary and car navigation system. NTEEP's largest customers include Sony Ericsson Mobile Communications AB, Texas Instruments Incorporated, Sony Computer Entertainment Europe Ltd., GN Netcom A/B, Seiko Instruments Inc. and Canon Electronic Business Machines (H.K.) Co. Ltd.
Nam Tai Electronics, Inc. ("NTE") (NYSE: NTE) is an electronics design and manufacturing service provider to many of the world's leading original equipment manufacturers, including Canon, Epson, Optrex, Seiko Instruments, Sharp, Sony, Sony Ericsson, Texas Instruments, Toshiba and others. It manufactures high-quality telecommunications products, palm-sized PCs, personal digital assistants, linguistic products, calculators and components such as LCD modules, wireless communication terminals and their modules.
For more information about NTEEP, please visit its websites at http://www.namtaieep.com . For more information about NTE, please visit its website at http://www.namtai.com .
For more information, please contact:
Joyce Lam/ Marcus Keung Tel: +852-2263-1014/ +852-2263-1022 Fax: +852-2263-1044 Email: joycelam@namtai.com.hk/ marcus@namtai.com.hk
Source: prnewswire
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