The state-owned power conglomerate is ready to spend more than $370 million on taking its project business out of the public eye.
Company stock diluted more than 8% to generate gross proceeds of $87 million as the company continues its policy of expansion at a breakneck rate.
The polysilicon and wafer maker has been busy raising cash of late by indulging in a fire sale of project assets. With plans for ever larger production capacities to fund, it has now announced the issue of new shares amounting to more than 8% of the existing stock.
The Hong Kong listed polysilicon manufacturer is selling off solar assets to fund its thirst for production capacity expansion. The proposed sale would net the company almost $290 million to reduce its debt pile.
The solar plant operations business – spun out of the solar glass manufacturer – reportedly finalized its initial public offering this week. Final confirmation of the proceeds is expected on Monday.
The Chinese solar manufacturer is set to transfer independent shareholders’ stakes into a special purpose vehicle while one of its affiliate businesses seeks a listing on Beijing’s A-share index. Inevitably, though, the process has not been a smooth one.
Straining under a $2 billion debt mountain, the solar manufacturer is pinning its hopes on the proposed sale of its Jiangsu Shunfeng subsidiary to prevent it suffering the same fate as the original parent company of the Wuxi Suntech unit that makes up part of the Jiangsu division.
Details have finally emerged about when independent investors will decide whether to wave through a deal to transfer their stock into a special purpose vehicle for relisting the Hong Kong unit on the Chinese A-share index.
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