The Hong Kong-listed display maker Varitronix will take a 28.6% stake in the Korean company Ness Display, for which it will pay US$20 million, in order to expand its business into the production of OLEDs. Varitronix had already set aside US$30 million to expand its business into the production of OLEDs (Organic Light Emitting Display). Up until now, Varitronix has been a supplier of LCDs to mobile phone makers and industrial instrumentation makers. Ness Display already produces OLEDs in its production facilities in Korea and Singapore. Valued at US$30 million, it saw a net loss of 24.87 billion Won (US$24.71 million; US$1=1,006.3 Won) in 2004, a steeper decline from 2003, when net losses were 11.4 billion Won (US$11.33 million).