June 20 (NBD) -- Tianma Microelectronics Co., Ltd. (000050.SZ) announced Wednesday that its board of directors has agreed to acquire a 40 percent stake in Shanghai Tianma AM-OLED Technology Co Ltd from its wholly-owned subsidiary Shanghai Tianma Microelectronics Co Ltd at 368 million yuan (56.98 million U.S. dollars).

After the deal is closed, Tianma AM-OLED will become a fully-owned subsidiary of Tianma Microelectronics.

The listed company said the purchase complies with its development strategy and is helpful to optimize its management structure and improve management efficiency. 

Email: tanyuhan@nbd.com.cn