Sat, Mar 10, 2007 - Page 11 News List

Jabil takes control of the Green Point Enterprises board

By Jason Tan  /  STAFF REPORTER

Green Point Enterprises Co (綠點高新科技), a manufacturer of handsets, injection molds and plastic parts, yesterday said preparations were now underway for its acquisition by Jabil Circuit Inc, the world's sixth-largest electronics manufacturing service (EMS) provider.

"Jabil now officially owns us, and the transition period of the merger is going smoothly," an official from Green Point said yesterday.

control

During Green Point's board meeting yesterday, Jabil took control of the company by taking over all five board and two supervisor seats.

The Taiwan Stock Exchange said last week that because the acquisition Green Point would delist from the main bourse on April 13.

Jabil, which makes Nokia Oyj handsets, announced last November that it would offer NT$30 billion (US$0.91 billion) to buy out Green Point via its Jabil Circuit Taiwan Ltd subsidiary.

approval

The board of Green Point gave the merger its approval on Jan. 16, as Jabil had already bought 260.88 million shares, or 97 percent of the company, when the tender offer ended on Jan. 12.

The acquisition of Green Point shows the value of local handset component makers, as EMS companies are expanding their product and service range in an attempt to provide total solutions, including component manufacturing, industry watchers said.

Shares of Green Point remained unchanged yesterday at NT$107 on the Taiwan Stock Exchange.

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