BOE Accomplished Additional CNY300mn Investment in Hefei BOE

BOE Technology Group Co., Ltd. (SZSE: 000725) said on March 21 that it accomplished an additional investment of CNY 300 million in Hefei BOE Optoelectronics Technology Co., Ltd.

On September 12, 2008, BOE inked a framework agreement with the Hefei government, Hefei Construction Investment and Holding Co., Ltd., and Hefei Xincheng State-owned Assets Management Co. to set up a joint venture for a six-generation thin film transistor liquid crystal display (TFT-LCD) project in Hefei City, Anhui Province, east China.

Established on October 16, 2008, Hefei BOE initially had a registered capital of CNY 50 million. BOE lifted the venture's registered capital to CNY 350 million via an investment of CNY 300 million in mid January 2009 and recently increased the registered capital to CNY 650 million by a reinvestment of CNY 300 million.

BOE totally injected CNY 609.5 million into the venture for a 93.769% stake; Hefei Construction Investment and Holding poured CNY 25.5 million for a 3.923% stake; and Xincheng State-owned Assets Management invested CNY 15 million for a 2.308% stake.