GCL-Poly takes control of circuit board maker

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China Merchants New Energy has told pv magazine it was not involved in any merger with polysilicon and wafer maker GCL-Poly, as reported by pv-magazine.com on Monday.

pv magazine is happy to confirm Chinese printed circuit board maker Same Time Holdings, in a busy announcement to the Hong Kong Stock Exchange last Friday, announced it had rebranded itself GCL New Energy Holdings Ltd after GCL-Poly took a 67.99% stake in the company.

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 the new company, the reconstituted board – which has been overhauled, presumably, to bring in GCL-Poly 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 and made its move to take control of Same Time after the circuit board maker raised fears over its future because of minimum wage legislation in China.

As part of a significant overhaul of directors, Same Time 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.