Gold Poly pays $270m for rooftop company

18. January 2013 | Global PV markets, Industry & Suppliers, Investor news, Markets & Trends | By:  Max Hall

Chinese cell manufacturer Gold Poly New Energy Holdings Ltd has acquired solar power plant developer China Merchants New Energy Holdings Ltd.

The Chinese flag.

Details have emerged of further consolidation in the Chinese solar market.

Hong Kong stock exchange-listed Gold Poly paid HK$2.1billion (US$270m) to acquire a 92.17% stake in China Merchants in late November 2012, it emerged today.

China Merchants is 17.4% owned by GCL Poly unit Ease Soar and, upon completion of the deal, GCL Poly will become Gold Poly's second largest shareholder with a 13% stake.

Shares in the larger company are set to resume trading on Monday January 21.

Purchaser Gold Poly yesterday issued a profit warning for its 2012 full year figures indicating that it expects a net loss on the 12-month trading period, albeit a smaller net loss than that suffered in 2011.

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