Philips has announced it has sold its remaining stake in LG Display Co Ltd to investors in a capital markets transaction.

The sale will provide Philips with net proceeds of around 630 million euros, with Philips expecting to see a non-taxable gain of approximately 70 million euros in the first quarter of 2009.

This transaction represents 13.2% of LG Display's issued share capital and reduces Philips' holding in the company to zero.

Philips had previously sold its LG Display stakes in March 2008 and in October 2007 as part of a "structured and responsible" plan to extract itself from the business.

Philips formed LG Display with LG in 1999 and has reported to have decided to exit the struggling business in order to concentrate on other areas.