Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Firm taps solar's bright future
By Cathy Ding |
June 24, 2009, Wednesday
|
Print Edition
Print Edition
HONG Kong-listed power company GCL-Poly Energy yesterday said it has agreed to buy a Chinese mainland solar-cell parts maker for HK$26.3 billion (US$3.4 billion).
GCL-Poly will pay for the purchase of Jiangsu Zhongneng Polysilicon Technology Development Co by issuing new shares to its existing shareholders, it said in a statement to Hong Kong Stock Exchange yesterday. Jiangsu Zhongneng is the nation's biggest supplier of polysilicon, the costliest component in solar panels.
The transaction is valued at about 10.4 times the audited net profit of 2.2 billion yuan (US$322 million) of GCL Solar as of December 31, 2008. This will include a cash payment of US$200 million, issuance of US$350 million secured note and issuance of 10 billion shares at HK$2.20 per share.
GCL-Poly is controlled by Chairman Zhu Gongshan, who owns 34.47 percent of the company.
The transaction is subject to approval by shareholders and the Securities and Futures Commission of Hong Kong.
China is planning to increase its capacity to produce electricity from sunlight by five times by 2020.
"Backed by strong government support the future of the solar industry is promising and the group is well-positioned to capitalize on these opportunities," Zhu said.
GCL-Poly owns or controls 18 thermal power plants, one incineration power plant and one wind power plant on the mainland.
GCL-Poly will pay for the purchase of Jiangsu Zhongneng Polysilicon Technology Development Co by issuing new shares to its existing shareholders, it said in a statement to Hong Kong Stock Exchange yesterday. Jiangsu Zhongneng is the nation's biggest supplier of polysilicon, the costliest component in solar panels.
The transaction is valued at about 10.4 times the audited net profit of 2.2 billion yuan (US$322 million) of GCL Solar as of December 31, 2008. This will include a cash payment of US$200 million, issuance of US$350 million secured note and issuance of 10 billion shares at HK$2.20 per share.
GCL-Poly is controlled by Chairman Zhu Gongshan, who owns 34.47 percent of the company.
The transaction is subject to approval by shareholders and the Securities and Futures Commission of Hong Kong.
China is planning to increase its capacity to produce electricity from sunlight by five times by 2020.
"Backed by strong government support the future of the solar industry is promising and the group is well-positioned to capitalize on these opportunities," Zhu said.
GCL-Poly owns or controls 18 thermal power plants, one incineration power plant and one wind power plant on the mainland.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
