Solargiga set to acquire Sino Light Investments09. November 2010 | Industry & Suppliers, Top News | By: Becky Stuart
China-based Solargiga has entered into a second sales and purchase (S&P) agreement with Sino Light Investments worth HK$835.2 million (around USD$107.7 million; €77.3 million).
Under the agreement, Solargiga has conditionally agreed to purchase the sale shares from Sino Light, at a conversion price of HK$1.92 per Conversion share.
The first S&P agreement was entered into on October 5.
Sino Light owns both You Xin and Jinzhou Huachang Photovoltaic Technology (HPT), which is principally engaged in the manufacture of silicon solar cells. According to Digitimes ith a current annual production capacity of 100 megawatts (MW). It adds that it is expected to reach 200 MW by the end of the year.
Solargiga says that upon completion of the acquisition, Sino Light, You Xin and HPT will become its subsidiaries, which will enable it to accelerate its intended downstream business developments in the photovoltaics industry. It went on to say that the deal will enable the it to secure a reliable source of silicon solar cells for its module business and improve operational efficiency.
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