Shenzhen SEG Samsung Glass Co Ltd is looking to become China“s largest display screen producer with an annual output capacity of 12 million 17-34 inch display screens and casings, after moving to a n…
Shenzhen SEG Samsung Glass Co Ltd is looking to become China“s largest display screen producer with an annual output capacity of 12 million 17-34 inch display screens and casings, after moving to a new production base in September 2004, an official from the company“s securities department said. The move is being carried out under the auspices of Samsung Corning Co. Ltd. Samsung Corning, which currently holds a 21.37% stake in Shenzhen SEG Samsung Glass, will soon become the largest shareholder following the signing of an agreement in 2003 to buy an additional 14.09% stake for CNY 237.17 million from the current largest shareholder Shenzhen SEG Group Co Ltd. The deal is still pending approval from the Chinese authorities. Earlier on 16 March 2004 the Securities Times reported SEG Samsung had invested a total of CNY 1.51 billion in the site move and capacity expansion project, and the project will involve a total investment of USD 506 million, of which USD 159 million will be self-financed with the remaining USD 347 million coming from bank loans. Samsung Corning Co Ltd was formed as a 50:50 joint venture between South Korea“s Samsung Group and Corning Inc of the USA in 1973.