China Merchants-GCL merger complete

Control of newly renamed polysilicon and wafer maker GCL-Poly passed to developer China Merchants New Energy on Friday.

In an announcement to the Hong Kong Stock Exchange, GCL – which has rebranded itself GCL New Energy Holdings Ltd to reflect its move away from a focus on polysilicon manufacture – did not name the new controlling shareholder which has assumed a 67.99% stake in the business but the merger with developer China Merchants has been widely reported.

With the stock market statement also revealing details of a placing of 50 million new shares to raise HK$195 million (US$25 million) for GCL, the reconstituted board – which has been overhauled, presumably, to bring in China Merchants faces – stated it would seek to ‘leverage on the experience and expertise of the subscriber to expand into the renewable energy sector, which will include developing, acquiring or investing into … solar plants, solar projects, solar energy assets or through other similar opportunities.’

GCL told pv magazine in January of its ambition to realize a 1 GW expansion of its project portfolio this year.

As part of a significant overhaul of directors, GCL-Poly chairman Mr Yip has resigned, along with his brother Mr Yip How Yin, Maurice, who has stepped down as CEO.

Tang Cheng has been appointed to replace Mr Yip as chairman and Ip Mei Ho has replaced Shiu Man Ching as company secretary with no announcement as yet about the new CEO.