Gold Poly pays $270m for rooftop company

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.