Chinese solar project developer and building-integrated PV (BIPV) manufacturer Singyes Solar will attempt to turn the page on a damaging two-year spell by changing the company name in the wake of a state bail-out.
The Water Development (HK) Holding Co Ltd business which is part of the Beijing-owned Shuifa Group Co Ltd construction conglomerate, recently pumped HK$1.55 billion (US$198 million) into Singyes, enabling it to negotiate a debt restructuring arrangement with the holders of almost US$430 million of defaulted senior notes and convertible bonds.
Water Development now holds 66.92% of the stock in the enlarged entity and Shuifa nominee Zheng Qingtao has replaced under-fire shareholder Liu Hongwei as chairman of the business, with Liu now vice-chairman. Four more Shuifa nominees joined the board to replace outgoing directors who left as part of the state bail-out.
Although Singyes does not appear to have confirmed the High Court of Hong Kong and the Supreme Court of Bermuda – in the tax haven where Singyes is registered – approved the debt restructuring deal agreed with creditors when it was set to be put before them on Wednesday, both jurisdictions were expected to rubber-stamp the arrangement as a formality.
On Friday, the reconstituted company announced it plans to call a special general meeting to ask shareholders to vote on a proposal to rename the business China Shuifa Singyes Energy Holdings Ltd.
The Hong Kong-listed solar project developer appeared to be riding the wave of subsidized generation capacity development in China during the solar boom but suffered a near-disastrous reverse in fortunes after being caught cold by Beijing’s decision to rein in public solar subsidies abruptly at the end of May last year.
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.