TPV Technology co-founder offloads stake in $748m deal

The disposal follows the sale of a 26pc interest to a mainland company

A co-founder of TPV Technology has sold off all but his last remaining shares in the No2 maker of personal-computer monitors.

Non-executive director Stanley Pen Fang-jen sold to institutional investors 15.58 per cent of the Hong Kong and Singapore-listed company in a HK$748.33 million deal arranged by HSBC.

The disposal follows Mr Pen's sale of a 26.36 per cent stake to mainland panel-display maker BOE Technology Group for HK$1.05 billion last month.

BOE, which has become TPV's single largest shareholder as a result of the acquisition, said it did not know who bought the shares from Mr Pen yesterday.

'There is no way for us to tell how we can co-operate with the new shareholders, as they are not known to us,' BOE senior vice-president Chen Yanshun said.

TPV and BOE are long-time manufacturing partners. In February, the mainland company bought a thin-film transistor liquid-crystal display (TFT-LCD) plant from South Korea's Hynix Semiconductor for US$380 million.