Polysilicon manufacturer GCL-Poly has completed a shares placing that amounted to 8.24% of company stock and is expected to have raised HK$860 million (US$87 million) to pay down debt.
The manufacturer informed the Hong Kong exchange yesterday it had issued 1,511,000,000 new shares at HK$0.45 per share.
Upon announcing its latest fundraising measure, GCL-Poly said the net proceeds would be used to pay down debt.
GCL is one of the Chinese solar manufacturers that is amassing significant borrowings to fund a rapid expansion of its annual production capacity for polysilicon and wafers.
There were signs of shareholder unrest with the company’s expand-at-all-costs strategy at the annual general meeting a week ago. At the gathering, more than 9% of stock holders voted against a standard issue mandate for the board to place shares.
The holders of almost 16% of the company stock voted against the reappointment of Zhu Yufeng as an executive director of the business.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.