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| Monday, 17 December 2012, 18:00 HKT/SGT | |
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Source: Tongda Group | |
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HONG KONG, Dec 17, 2012 - (ACN Newswire) - Templeton Strategic Emerging Markets Fund IV, LDC ("TSEMF IV") announced that it has become a strategic shareholder in Tongda Group Holdings Limited ("Tongda Group" or the "Group") (Stock Code: 698), an industry-leading company in in-mould lamination (IML) technology in China.
TSEMF IV, which invests in unlisted as well as listed companies in emerging markets, is the fourth strategic equity fund managed by Templeton Emerging Markets Group of Templeton Asset Management Limited, an investment management company incorporated in Singapore.
According to the disclosure of interest notice on the Hong Kong Stock Exchange, TSEMF IV purchased a total of 300,000,000 shares, or about 6.3% of the Group on 11 December 2012. Mr. Wang Ya Nan, Chairman and CEO of Tongda Group remains the largest shareholder with shareholding of 51%.
Leveraging its industry-leading in-mould lamination (IML) technology and strong R&D capability, Tongda Group has become the preferred partner of renowned international and domestic consumer electronics brands for decorative components used in mainstream handsets, notebook computers and household electronic and electrical products. Despite facing headwinds including the global economic downturn, the Tongda Group has managed to maintain stable development and recorded growth in sales, gross profit and net earnings in the first half of 2012. It has also maintained a stable dividend payout policy at around 30%-35% of its net profit.
Dr. Mark Mobius, executive chairman of Templeton Asset Management Ltd, said: "We are delighted to be a strategic shareholder of Tongda Group. The company is a leader in in-mould lamination (IML) technology for decorative components in China, with a very strong competitive position and a broad base of satisfied customers. Considering the huge and growing Chinese handset market as well as increased penetration of Chinese brands in global markets we are very positive on the potential growth in Tongda's business in the coming years, and hope that our support will enable the company to reach new heights. "
Mr. Wang Ya Nan, Chairman and CEO of Tongda Group, said, "We are extremely pleased to have a major global investment fund, such as TSEMF IV, as a strategic shareholder. This investment demonstrates Templeton's confidence in the prospects of Tongda Group as well as the decorative component sector. In view of the rising popularity of smartphones, we plan to continue our focus on our handsets business and develop towards the direction of ultra-thin and functional components that are applicable on the latest smartphone models. Meanwhile, we remain committed to enhancing the applications and R&D of new technology, material and techniques, in order to reinforce our market-leading position."
About Templeton Strategic Emerging Markets Fund IV, LDC ("TSEMF IV")
TSEMF IV is managed by Templeton Asset Management Ltd ("TAML"), a Singapore Company, and has more than 50 investment professionals based in 18 offices located throughout the emerging markets. TAML's emerging markets investment team is headed by Dr. Mark Mobius and managed over US$40 billion in assets as of 30 November 2012.
TAML is a subsidiary of listed Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Institutional, a unit of Franklin Templeton Investments, provides global and domestic investment management solutions managed by the Franklin Global Advisers, Templeton, Franklin Templeton Fixed Income, Franklin Templeton Real Estate Advisors, Darby and Mutual Series investment management teams. The California-based company has more than 60 years of investment experience and approximately US$768 billion in assets under management as of 30 November 2012.
Contact:
Franklin Templeton Corporate Communications:
Mae Loon Tel +65 6432-9726 Email : mloon@frk.com
Strategic Financial Relations Limited
Vicky Lee Tel: 2864 4834 Email: vicky.lee@sprg.com.hk
Angela Ng Tel: 2864 4855 Email: angela.ng@sprg.com.hk
Cassie Ng Tel: 2864 4864 Email: cassie.ng@sprg.com.hk
Fax: 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: Tongda Group
Sectors: Electronics, Daily Finance, Daily News
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