FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For September 9, 1996
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
Citco Building, Wickhams Cay, P.O. Box 662,
Road Town, Tortola, British Virgin Islands
(Address of principal executive offices)
NAM TAI ELECTRONICS, INC. CONTACT: WENDY WISEMAN
SUITE 530 - 999 WEST HASTINGS STREET P.R. SECRETARY
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831 NEWS RELEASE
NAM TAI ELECTRONICS, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
VANCOUVER, CANADA September 9, 1996 -- Nam Tai Electronics, Inc.
("Nam Tai" or the "Company") (NASDAQ/NMS Symbol: NTAIF) today
announced that its Board of Directors has approved a stock
repurchase program to buy-back up to an aggregate of 500,000 shares
of its common stock in the open market from time to time at
prevailing market prices.
The repurchase program will be conducted exclusively through
PaineWebber Incorporated and is expected to continue for a three
month period in accordance with SEC Rule 10b-18, unless extended or
shortened by the Board of Directors. The Company plans to use
existing cash balances to finance the repurchases. "Based on
current market prices, we believe that our stock is undervalued and
that the repurchase program is a good investment of available
funds," said Mr. M.K. Koo, Chairman of the Company. "Nam Tai
continues to maintain solid profitability and we do not expect this
program will impair our ability to expand our business through
acquisition," he commented.
Nam Tai is registered in the British Virgin Islands and maintains
offices in Hong Kong and Vancouver, Canada. It designs, develops,
manufactures, assembles and sells consumer electronic products
manufactured by it in the People's Republic of China at its ISO 9001
certified operations. The Company's products include personal
organizers, spell checkers, dictionaries, LCD modules, IC card
readers and calculators. To position itself to manufacture more
sophisticated products, the Company has made advances in the use of
COB, SMT, TAB, OLB and FPHS technologies. The Company's customers
include Canon, Casio, Citizen, Matsushita Battery, Nintendo (which
orders through Sharp), Optrex, Radio Shack, Sanyo Electric, Seiko
Instruments, Sharp and Texas Instruments.
-end-
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
For and on behalf of
Nam Tai Electronics, Inc.
by
(S.d.) Koo Ming Kown
Koo Ming Kown
Chairman
Date: September 23, 1996
