(Yicai Global) Aug. 23 -- TCL Communication Technology Holdings Ltd. [HKG:2618], a leading Chinese consumer electronics manufacturer, has notified shareholders that it will delist from the Hong Kong Stock Exchange on Sep. 30.
The privatization will promote the firm's long-term development, maximize shareholders' interests and optimize its overall structure, the Shenzhen-based company said. TCL Communication listed in Hong Kong in 2004.
TCL Industries Holdings HK Ltd. will pay HKD3.49 billion (USD524.74 million) for all shares in TCL Communication at the behest of parent company TCL Corp.
TCL Communication will hold an extraordinary general meeting to discuss privatization issues on Sept. 14.