Taiwan-based TFT-LCD panel maker Chunghwa Picture Tubes (CPT) has announced its indirect investment in China-based Mindong Electric through the exchange of a 75% stake in each of its four China subsidiaries for a stake in Mindong, according to company filing with the Taiwan Stock Exchange (TSE).

The total worth of CPT's investment in Mindong, a listed company making electrical machinery products, is estimated at 2.31 billion yuan (US$338 million).

The four subsidiaries of CPT are: LCD module (LCM) assembler Chunghwa Picture Tubes Wujiang (CPTW); LCM maker Fujian CPT Display Technology Fujian (FDT); LCM, LCD TV and projector assembler Fujian CPT TPV Optical (CTOC); and LCM assembler Shenzheng CPT Display Technology (SDT).

CPT has been said to be planning to tranform Mindong into a TFT LCD module maker.