Varitronix to enter OLED market
"Ness Display's experience and production capability for OLED offers the company a quick entrance to the market," said Varitronix Chairman Chang Chu Cheng.
The company is looking to acquire 277,777 preferred shares in Ness Display at a cost of about HK$156 million ($20 million at HK$7.76:$1). Varitronix also acquired warrants and notes which, when converted into shares, will boost the company's total stake in Ness Display from an initial 5.66 percent to 29.91 percent.
Varitronix is looking to tap Ness Display's experience to gain a competitive foothold in the OLED market. "It will take a new entrant several years to gain such experience," said Cheng.
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