Creative China Factory Sale Not Fulfilled ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Friday, August 6, 2010

Creative China Factory Sale Not Fulfilled

Just a few months ago, Creative had released their intention to sell the Qingdao China Factory to a 3rd party. It is announced today that the sale will not go through due to the "purchaser has not fulfilled certain payment conditions". This may have some impact to Creative, since they can't dispose their factory, they will not be getting any funds in if they need it badly.

We refer to the announcements released on 5 May 2010 and 2 July 2010 by Creative Technology Ltd (“Creative”) relating to the disposal of an 80.1% equity interest in Creative Technology (Qingdao) Ltd, a wholly-owned subsidiary in China.

The purchaser has not fulfilled certain payment conditions stipulated in the sale and
purchase agreement and consequently Creative will not be proceeding with this
transaction. The non-completion of this transaction is not expected to have any
material impact on the financial position of the Creative group for the current financial year.

Creative will continue to consider opportunities to divest the Qingdao manufacturing
facility, which is in line with the strategic direction that Creative has undertaken to
dispose of its manufacturing facilities.

Ng Keh Long
Company Secretary
6 August

Please feel free to let us know in the comments section below.


Anonymous said...

The fact that Creative can give 2.5% dividend shows that they are comfortable with their financial/cash position.

Anonymous said...

The only thing I am keen on getting from Creative is Creative shares. Currently, except for some speakers and headsets, most of the products are not appealing which explains all time low of US$59mil sales last quarter. But that is the old thing, let's move on! There will be multiplier effect sooner or later and by then you can get any tech you want be it winphone7, tablet, etc.

yll said...

we are all waiting.. our necks as long as giraffe's

Anonymous said...

yll, please ignore "armchair lawyers" that cannot stop attacking Creative...although I am aware something big is coming, zen x-fi2 indeed has no. of file restriction. It could be hardware or software limitation or both. But it doesn't matter because it is sold at a loss, i.e. value for money and most importantly nothing compared to what we will soon witness.

Anonymous said... least 3 Creative shareholders here...

Anonymous said...

Intel to buy mcafee. Hardware companies need rich software capabilities. Creative going the right direction.

Jimmyboy88 said...

there are many people here in this blog but most of them stays as 'Anonymous'
very good discussion going on :)

unverified said...

ok go ahead and disable Anonymous; will you? :D

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