Skyworth to Exit China JV With LG Display For 1.3 Billion Yuan
Skyworth Group's (HKG:0751) subsidiary Shenzhen Chuangwei-RGB agreed to sell its entire 10% stake in LG Display (China) for 1.30 billion yuan in cash, a Friday filing with the Hong Kong exchange said.
LG Display (China) is a joint venture among LG Display (KRX:034220), which holds a 70% stake; Guangzhou High-Tech Zone Technology Holdings Group, with a 20% stake; and Skyworth unit Shenzhen Chuangwei-RGB Electronic, which owns the remaining 10% stake.
The joint venture manufactures and sells LCD displays and relevant materials.
The Skyworth unit will now sell its shareholding in the joint venture to LG Display (Guangzhou), owned by LG Display.
Skyworth said it plans to use the proceeds from the disposal for its business operations and general working capital.
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