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LG Display says Philips sells off remaining stake

LG Display says Philips sells off remaining stake

LG Display, the world's second-largest manufacturer of thin panels used in flat screen televisions, said Thursday that one-time Dutch partner Royal Philips Electronics has sold all its remaining shares in the South Korean company.
Royal Philips Electronics NV sold its 13.2 percent stake, or 47.2 million shares, on Wednesday, LG Display Co. said in a statement.
"The sale involved financial institutions and was in line with previous announcements that Philips would sell a portion of its stake in LG Display as part of its overall business strategy," the South Korean company said.
The statement did not say who bought the shares or how much Philips made from the deal.
South Korea's LG Electronics Inc. and the Dutch company formed the joint venture LG.Philips LCD Co. in 1999. Philips gradually reduced its shareholding and in March of last year the company changed its name to LG Display to reflect the reduction.
Philips reported a fourth-quarter loss of


Updated : 2021-06-21 09:42 GMT+08:00