Thursday, July 15, 2004
Amsterdam, The Netherlands - LG.Philips LCD announced today the pricing of its initial public offering at USD15.00 per American Depositary Share ("ADS") and KRW34,500 per share of common stock ("Share"). Each ADS represents one half of a Share.
The initial public offering comprises 33,600,000 primary Shares, and furthermore LG.Philips LCD has granted the underwriters an option to purchase up to an additional 3,744,000 Shares to cover over-allotments. As a result of the initial public offering, the interests of LG Electronics Inc. and Royal Philips Electronics N.V. (NYSE: PHG, AEX: PHI) in LG.Philips LCD will both be reduced from 50.0% to 44.8% or, if the underwriters' over-allotment option is exercised in full, to 44.3%.
LG Electronics Inc. and Royal Philips Electronics N.V.will not be selling any shares in this offering. Philips expects to book a non-operating dilution gain from the value of its holding in LG.Philips LCD of approximately EUR 95 million in its third quarter results, or EUR 104 million if the underwriters' over-allotment option is exercised in full.
A copy of the prospectus relating to the offering may be obtained from Morgan Stanley at 1585 Broadway, New York, NY 10036, from UBS Investment Bank at 299 Park Avenue, New York, NY 10171 or from LG Investment & Securities at West Tower, LG Twin Towers, 20 Yoido-dong, Youngdungpo-gu, Seoul 150-721, Republic of Korea.
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