Thursday, 13 March 2008

Philips Further Lowers Stakes in LG Display to 13.2%

Royal Philips Electronics said it has sold 24 million shares of common stock in LG Display Co., Ltd. to investors in a capital markets transaction.

This represents 6.7% of LG Display’s issued share capital and reduces Philips’ holding to 13.2%.

The transaction, which closed today, will provide Philips with net proceeds of approximately EUR 680 million, and is expected to result in a non-taxable gain of approximately EUR 95 million in the first quarter of 2008, which will be recognized in financial income and expenses.

Philips said this transaction is in line with its communicated strategy to further reduce its holding in LG Display in a structured and responsible manner.