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Thu, Nov 25, 2004 - Page 12 News List

Thomson SA goes deeper into China's television business

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Thomson SA, which this year set up a venture with China's TCL Corp to create the world's biggest television manufacturer, bought an 8 percent stake in Konka Group Co, another Chinese TV maker.

Thomson agreed to pay 156.6 million yuan (US$18.9 million) for 29 million non-tradable Konka shares from Overseas Chinese Town Group, Konka said in a statement.

Paris-based Thomson also bought 19 million of Konka's tradable B shares for HK$68.4 million (US$8.3 million), the statement said.

Shenzhen-based Konka, China's third-biggest publicly traded electronic appliance maker, last month reported a 42 percent drop in third-quarter profit. Sales of TV sets, which account for 70 percent of revenue, rose to 7 billion yuan (US$850 million) in the first nine months from 6 billion yuan in the same period a year ago.

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